I am self-employed and have a self-employed individual 401k plan. Let's say I already contributed the max allowed of $1,000 to my plan based on my self-employed income in 2017. I can either type in my contribution of $1,000 or I can check the "Maximize Contribution to Individual 401k" box so the program will calculate it (to be $1,000). Does it matter which option I choose in the program - typing it in or checking the box? Is the box a "potential contribution" and if I type it in then it is an actual contribution I have made? It looks like either way, $1,000 (as the max) will be used as my contribution, so I just wanted to check.
Thanks!
