My wife is a very hard worker: she has W-2 income and also files a Sch C. On her W-2s she had in Box 12, retirement plan elective deferrals (Simple IRA) contributions of $15,600 (her age is over 50, so with catch-up contributions, she is below the annual limit for Simple IRA employee elective contributions.) She also has a Solo/Single 401(k) plan in place to help defer some of her Sch C income. In 2023, the maximum deferred elective contributions across all plans is $22,500 + $7500 (catchup) or $30,000. I noticed that TurboTax's Keogh/SEP worksheet does not alert users if elective contributions exceed the maximum across all plans, so users have to make sure they don't exceed the maximum themselves.
I think I'm correct that my wife's maximum elective contributions to the 401(k) plan would be: $30,000 - $15,600 or $14,400. Would anyone else care to clarify or correct what I've written here?
