dmertz
Level 15

Retirement tax questions

You are correct, this is an unsupported calculation.  Since you've already made the maximum permissible elective deferrals at your W-2 employer, you can only make an employer contribution to the solo 401(k).  To allow TurboTax to calculate only the maximum permissible employer contribution you must select the Maximize box for either a Profit Sharing Keogh or a SEP contribution.  The result will be the same as for an employer-only contribution to the solo 401(k).

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