Hello tax pros!
As I am filing my own return, I am so lost in getting my solo 401k contribution amount
I have a full time job and side 1099 income
I maxed out on my 401k employee limit and have 22.5k net income from my schedule C
I would think it is only 25% that I can contribute to the solo 401k as I maxed out the yearly limit of 23k for 2024 but turbo says higher if I toggle "maximize" my deduction. Is this doing the calc wrong?
Does any tax wizard know how did Turbo calculated
"Maximum Allowed to Qualified Plans" $31,343? | owe you many thanks!
