TT tells me that I can defer a maximum of $30,240 to my individual 401k account.
I now understand that this is only my elective deferral (max. amount of $23K + $7,240 of catch-up contribution since I'm over 50). Is this right?
(If so, it might be helpful to specify it in TT; I previously wrongly assumed that this was my total contribution (elective+employer contribution.)
I want to make an elective contribution of $5150 to my regular ind. 401K and I want to maximize my contribution to my indiv. Roth IRA.
TT does not seem to check for excessive ind. 401k contributions so I'd like to double check that the following numbers are correct (based on a net profit of $40330, a SE Tax of 5698 and the fact I'm over 50):
Regular 401K : Elective Deferral of $5150
Roth 401K : Elective Deferral of $17850 (=$23K minus $5150) and Catch-up contribution of $7240
Or, alternatively, I could keep the same numbers for the Roth 401k and add an employer matching contribution of up to $7240 to my regular 401k.
In theory, I could instead add this employer contribution of $7240 to my Roth 401K (it is now allowed at my account at Schwab) but how would I report it in TT (there is no "employer matching" option under Roth IRA) and does it involve some sort of "rollover" of the contribution as I have read online? Thanks in advance
