I am the sole proprietor of a small business. I am using
Turbo Tax for Home & Small Business, entering information in the SELF-EMPLOYED
RETIREMENT PLAN section.
When it asks DID YOU CONTRIBUTE TO AN INDIVIDUAL OR
ROTH 401 (k) PLAN, I say YES.
When asked for my 2018 CONTRIBUTION to these plans,
I check the box to MAXIMIZE MY
CONTRIBUTION to a 401K.
Turbo Tax tells me that my MAXIMUM 410K CONTRIBUTION is
$24,500.
When asked if I contributed to a Keogh, SEP or Simple Plan, I say NO.
When I get to my Retirement Contributions page is says that my MAXIMUM ALLOWED
TO QUALIFIED PLANS is $38,973.
How did I get from $24,500 to $38,973?
The
difference is $14,473.
Where do I contribute this amount of $14,473?
