Ok, so I went to see where TT made the MAX 401(k) calculation - the Keogh, SEP and SIMPLE Contribution Worksheet. (it's confusing because the title should also say "individual 401(k)".
I see now how it came up with $28821 in my case. (part V line 1)
That's the "Total maximum allowable deduction" ** not including defined benefit plan contribution**. So I guess that means it does not include the elective deferrals I made to both my employer 401(k) and my individual 401(k) ?
So, since $19,500 - my employer salary deferral 401(k) contribution = $9816 , that's what I'll put for my solo 401(k) elective deferral. And then for my deductible profit-sharing contribution, I can put $28821 or less???
Am I doing this right 🙂
