Using Turbotax Home and Business 2020 download for Mac. Question for self-employed business section.
In general, though nice to be able to use the "maximize" contribution for self employed retirement contribution in order to calculate how much able to contribute for "employer" contribution-- it seems if I choose to get the information on maximum "allowed" by checking off the box, but then say I end up wanting to contribute slightly less than that amount, the program assumes that I am definitely going to contribute that entire amount even if I will not and if I have already "unchecked" the maximize contribution.
I tried to directly go into the forms Schedule C to enter in the lower amount I plan to contribute, but the higher "maximized" amount stays on the form (so does not appear that this can be changed).
I tried completely deleting my business and income to start over again from the beginning, but then under Self Employed Retirement- even with maximize contribution unchecked and "new" business entered, the higher maximized amount stays in the program.
Seems like this needs to be fixed- any update on this issue?
This feature to calculate allowed self-employment retirement contributions is overall very helpful since it can be difficult to determine net amount after 1/2 of self-employment tax, etc., but this feature does not appear that it can be "undone"...?
