Well, I've tried everything and cannot get this to work. Here is what I am trying to accomplish. I have two completely separate 1099 businesses, both having a 401k. Company #1 makes the max allowed of $345k and Company #2 makes about 60k.
1) For company #1, I am making only profit sharing contributions, so, $345k x .20 = $69k
2) For company #2, I am maxing out elective contributions $30,500 (I'm over 50), and also placing a small profit sharing contribution of approximately $12k ($60k x .20).
3) Lastly, I have a Cash Balance Plan that I am making a $130k contribution.
All of this amounts to approximately $241,500 of contributions.
Here is how I entered it in Turbotax
1) Under Individual 401k I placed the $23,000 and $7500 catch up contributions
2) Under Individual 401k I placed the $12k of profit sharing
3) Under Defined Benefit Keogh I placed the $130,000 for my Cash Balance Plan
4) Under Traditional SEP I left it zero and checked the maximize box
No matter what I do, TT says that the most I can contribute is $206,500. I've reviewed the worksheets and they are close to being incoherent.
