MarilynG1
Expert Alumni

Business & farm

@liesheng  As @Mary1101's screenshot indicated above, on the next screen TurboTax should tell you what your Max Contribution Amount is, and what amount needs to be withdrawn from the $500,000 entered.

 

In the Maximize function TurboTax assumes a base contribution rate of 25% which results in the rate from the Rate Table for Self-Employed of 20%.

 

However, if you contribute to an employer plan at work, or make other IRA or Roth contributions, you may need to calculate the Max Contribution Amount yourself.

 

If this applies to you, this link gives info on Calculating Self-Employed Max Retirement Contributions.

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