kmseddon
Returning Member

Retirement tax questions

Hi Dmertz - 

 

What did you mean the worksheet has not been updated?  I've been having issued with getting TuboTax to reflect my wife's contribution to her solo 401k and wonder if this is the issue?   I am an employee and I maxed out my contribution to my 401k.  My wife is a contractor and she made approximately $63k and is a sole proprietor.  She made $5,500 in contributions to her solo 401k.  Yet when I enter this into into TurboTax, our Federal tax liability does not change.  Even when I click on maximize this deduction or change the "employer contribution" (i.e. her contribution to her 401k, it doesn't change our federal tax refund.  We should be able to increase her contribution to at least $19,500 by the time we file and have her company contribute some of her pay to her 401k to reduce her federal tax bill, but we can't get TurboTax to tell us the max amount.  Any advice on how to do that would be greatly appreciated.   Stay safe!