In the 2½ months since I made my previous post the Keogh, SEP and SIMPLE Contribution Worksheet has been updated to correspond to the 2020 limits. TurboTax's summary page of self-employed retirement contributions is extremely convoluted; examine the Keogh, SEP and SIMPLE Contribution Worksheet itself to see the maximum elective deferral and employer contribution.
Additionally, run the review of the tax return to see if TurboTax flags any problems with the tax return. Examine Schedule 1 line 15 to see the result of the Keogh, SEP and SIMPLE Contribution Worksheet. Examine your wife's Schedule C to see the amount of net profit. It's possible that her 1099-NEC is not properly linked to the Schedule C Examine From 1040 to see the overall income calculation.
