Hi Dave,
Thank you for your careful review.
-Do you know if the tax deduction for Solo 401k plans changed or was otherwise reduced for tax year 2024? My search does not reveal anything to suggest that. But the tax benefit is proportionately less than previous years when looking at the Tax History/Summary list and year on year comparison.
-When taking the full eligible contribution, calculated by TT, only offers roughly a 3% tax benefit from a tax reduction standpoint. Which is far less than in previous years. And the reduction seems to be only from the amount contributed as an EE not from the addition of the ER portion.
-Might you explain why the tax liability counter at the top of the program does not register a reduction in the tax liability when the "max" bar is checked? Usually as I add expenses, the counter moves. Does the ER contrib. portion not show the tax liability reduction until some other entry is made? I did not notice this if it did.
-Were my entries made properly for a Single Member LLC, non pass -thru, Schedule C business?
-Lastly, does the maximize benefit box, include an allowable amount that does not provide any tax benefit? Like are the ER contributions, or some portion of not tax deductible? Such as with an IRA contribution? Like say when you may be allowed to contribute the full $8000 (regular plus catch up) to the IRA but only $5000 is tax deductible or provides a current tax benefit?
Thank you so much for your help.
