In prior years I was W-2 employee of an LLC and the LLC contributed max amount to a SEP on my behalf. Now I am a partner in the LLC they are still making the SEP contribution. I also have unrelated self-employment income and a solo 401k.
Now that my income is through the LLC and considered self-employment income Turbotax is saying I can't contribute to my solo 401k since a SEP contribution was made. It is my understanding that I can contribute to my solo 401k (determining the amount from my SE business profits NOT the LLC) even though a SEP contribution was made through the LLC. How do I get turbotax to allow this...I keep getting the warning that there is an excess contribution.
