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Retirement tax questions
Per this article from the IRS Individual 401-K plans , when you contribute to an individual 401(k), your elective deferrals are limited to the overall $58,000 for all 401-K plans, as it says it is limited "by person, not by plan" :
However, this does not seem to apply to a SEP contribution, so that is why your contribution in TurboTax is not being limited. Your advisor might be referring to an individual 401(k) contribution when he mentioned the $58,000 limit.
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‎January 13, 2022
3:41 PM