From what I understand, as a solo business owner, I probably should have opened a Solo 401k in the past, but I didn't, and I opened an SEP IRA with Roth (also, shame on Turbo Tax for not including and suggesting doing this when you choose self employed - you shouldn't have to search around in tax tools [jump to is not working this year] to find it!). That aside, if I click maximize on solo 401k it's telling me I can put in $5,000, but if I only click maximize on SEP IRA, it's telling me I can put in $1,260. I thought I should be able to put in the same amount regardless of which account I have? What gives?
