I have LLC which is regarded S-corp for tax. We made a mistake and selected self-employed version of Turbotax and it's too cumbersome to downgrade.
I made elective deferral contribution to solo 401(k) less than 18,500 limit and also the made profit sharing contribution as an employer for 25% of W-2 wage. So the total is below the total max limit. But, the turbotax calculate (when I check maximize contribution) that I have 10,000 overcontribution. Is it because turbotax is assuming I'm self-employed, not corporation / w-2 employee?? Or am I missing something?
