Section 414(v)(2)(A) limits the catch-up to the lesser of the annual amount or the excess of compensation over any other elective deferrals of the participant, whichever is less. In other words, the total is still limited to compensation. For the self-employed, this is correctly done on the Deduction Worksheet for Self-Employed from IRS Pub 560 which TurboTax implements on the Keogh, SEP and SIMPLE Contribution Worksheet.
