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Retirement tax questions
TurboTax calculates the limit correctly. There are separate boxes for the $19,500 regular contribution and for the $6,500 catch-up contribution. As SweetieJean indicated, your maximum contribution is limited to net earnings from self-employment. Your net earnings from self-employment are net profit minus the deductible portion of self-employment taxes.
March 19, 2021
9:36 AM