I have 401k Contributions (both Traditional and Roth) on my W2 that did not hit year max allowed.
I also have a some income from a sole proprietorship (Schedule C) from which I want to contribution to a SOLO 401k.
When I check off "Maximize Contribution to Individual 401K", it does not seem to take into account the amount contributed already on the W2. The amount it allows to contribute to max out the Solo401K seems way too high.
•Is TT supposed to do this automatically (take into account the W2 401K contribution when calculating the Solo 401 max allowed)?
•Or do I have to manually figure this out and override what TT figures is the max allowed?
•Also, will TT figure out the deductible portion of SE tax into the "max" calculation for the Solo 401K?
Thank you.
