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self employed 401k contribution filling wrong numbers
I have a solo 401k, and contributed what I thought to be the max of 23k plus a catch up because of my age of 7500, for a total of 30,5,. Those contributions are correctly entered. Then there's this worksheet where they go through all sorts of calculations that I really don't understand and come up with a max deduction of some 37k. I did NOT tick the box that says max out my contribution, and yet it seems to think that's what I'm doing, and it tells me to make another payment of 7k before tax day. I can't make that 37k figure go away . Anyone experience the same, or just know how I can fix this?
March 20, 2025
2:52 AM