Get your taxes done using TurboTax
@taxmountain21 Your deduction amount may be limited by your income.
To compute the maximum 401(k) employer contribution:
- Type self-employed retirement in Search in the upper right
- Select Jump to self-employed retirement
- Say Yes on Did [you] make a 2020 self-employed retirement plan contribution?
- Say Yes to Did [you] contribute to an individual or Roth 401(k) plan?
- In Individual 401(k) enter $19,500 under Elective Deferrals and $6,500 in Catch-up contributions if over 50.
- Check the box Maximize Contributions to Individual 401(k), TurboTax will compute the maximum amount for your employee and employer contributions.
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