I understand as a sole proprietorship, you can open an i401k to save for retirement. However when you tell TurboTax to "Maximize contributions", the amount it says to contribute by Plan Due Date looks like it is higher than the IRS allowed amount. This would be for an individual over the age of 50 making catch-up contributions.
Example screenshot attached.
Any reason for this anomaly or am I looking at it incorrectly?
Thanks.
