I have an individual 401k for my sole proprietorship. In 2024 I made $10,000 in elective deferrals (employee contributions). TurboTax is figuring the maximum deductible contribution using its Keogh, SEP and SIMPLE Contribution Worksheet, which corresponds to the "Deduction Worksheet for Self-Employed" in Pub 560. On Step 9 of its worksheet, it has entered $23,000, which is the maximum amount of elective deferrals allowed to 401k plans. However, step 9 of pub 560 says, "Enter your allowable elective deferrals (including designated Roth contributions) made to your self-employed plan." It seems to me that step 9 should be $10,000, not $23,000, because $10,000 is the amount that was actually "made to [my] self-employed plan". This results in quite a different result for my maximum deductible contribution. Is it a bug?
