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Retirement tax questions
Those are line numbers on Schedule C itself, the form being populated with your business-expense entries.
Clicking the Maximize button for yourself will cause TurboTax to calculate your maximum deduction. The maximum deduction for yourself will be determined by first maximizing your elective deferral, then determining your employer contribution, then your catch-up. The corresponding maximum profit-sharing contribution for your wife will be 25% of her compensation (generally the amount in box 5 of her W-2). See IRS Pub 560, Chapter 4:
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p560.pdf">https://www.irs.gov/pub/irs-pdf/p560.pdf</a>
Clicking the Maximize button for yourself will cause TurboTax to calculate your maximum deduction. The maximum deduction for yourself will be determined by first maximizing your elective deferral, then determining your employer contribution, then your catch-up. The corresponding maximum profit-sharing contribution for your wife will be 25% of her compensation (generally the amount in box 5 of her W-2). See IRS Pub 560, Chapter 4:
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p560.pdf">https://www.irs.gov/pub/irs-pdf/p560.pdf</a>
‎June 4, 2019
12:12 PM