I have already made my elective deferral of $26,000 (age 65). I have Schedule C income of $94,762 - my self employment tax is $13,390 (so 50% is $6,695).
To calculate my additional contribution (employer contribution) the following:
1- $94,762 - $6,695 = $88, 067
2- $88,067 * 25% = $22,017 - this is the additional amount I can contribute (or any sum up to that amount) - correct?
3- Where do I record the additional amount in the 401k section so I get say the full $26,000 +$22,017= $48,017? (or an amount up to that value - say I only want to add an additional $20k vs the $22k)
Mick
