Hi,
I have a small individual LLC business, and opened individual 401K account.
By entering different numbers in TurboTax self-employed 401K form I can see the different federal taxes calculated.
By lowering Elective Deferrals by $1000, I get tax increase of $182.
By lowering my business income in another TT form by $1000, I get tax decreased by $314.
I would expect the numbers to be close, if not the same.
Am I doing something wrong?
thank you!
