Hi TT community:
I have a solo 401K (with both Roth and traditional accounts) and am over age 50. I have net profit (income) from my self employment business of $122,000 in 2024.
For 2024, I am making the following contributions as both employer and employee:
Roth 401K elective = 17500
elective traditional 401K =5500
catch up traditional 401K =7500
employer profit sharing (20% of net income) = 24000
By my calculations, I should have a retirement deduction of $37000 ($5500 + $7500 + $24000)
BUT turbotax says that my retirement contribution allocation is $35790
I have no other business entered , so not sure why the deduction is reduced to $35790 , or why Turbotax had to do an "allocation"?
I have done many solo401k contributions in prior years with Turbotax and this is the first time this has happened?
Am I doing anything incorrectly?
Thanks for help!
