dmertz
Level 15

Retirement tax questions

"Doing the 'maximize self-employed Keogh' didn't change any of the numbers."

Where do you see "maximize self-employed Keogh?"  The Maximize boxes are labeled "Maximize Contribution to Individual 401(k)," "Money Purchase Keogh," "Profit Sharing Keogh," and "SEP."  You should only be marking one of these.

I'm not sure where TurboTax presents "maximum of $14,500 for SEP/SIMPLE or other qualified plans" or what is included in that total; I don't know if it includes the $7,000 from your W-2.  The online screens are sometimes different than those presented by the CD/download version.  If the $14,500 represents only your self-employed retirement contribution that appears on Form 1040 line 28, you might be claiming total elective deferrals between your W-2 job and your self-employment for the year of more than permitted.  For 2017, your elective deferrals combined are not permitted to exceed $18,000 if you are under age 50 or $24,000 if age 50 or older in 2017.

To be able to  give a more specific answer, it would be helpful to know if you were age 50 or over in 2017 and your net profit from self employment.  From what you've already stated, I'm guessing that your net profit is somewhere between $6,000 and $16,000.