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For my 401k, I entered $10,250 in "Elective Deferrals" I clicked the box "Maximize contribution..." which then came up with "Max. Allowed" as $33,706.
The questionnaire did not ask me for this information. My self-employed business paid $10,250 towards my 401k. I clicked the box "Maximize contribution..." and the result was "Max Allowed" as $33,706 and it reduced my taxes substantially. Does that mean I must contribute $23,000 more my 401k to get that deduction?
If I choose not to contribute more, do I need to unclick the "Maximize contribution" box?
Thanks.
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‎June 3, 2019
1:22 PM