I am trying to determine the maximum employer contribution that I can make to my solo 401k plan, and am hoping someone can help me identify where to calculate this in TurboTax. From my W2 employer, I already contributed $7,186 to my pre-tax 401K for the company match. Given that the 2023 elective deferral limit is $22,500, I also contributed $15,125 to my solo 401k in elective deferrals. I know this is slightly less than the limit, but I thought better safe than sorry. My business made $26,767 net profit after the self-employment tax deduction and I am trying to calculate how much employer contribution I can make to my solo 401k. When I click "maximize my contribution" in Turbotax, it recommends a max contribution of $24,454 which does not seem to include the 401K contribution that I already made with my W2 employer. Can anyone advise on what my solo 401k employer contribution should be?
