My question was a bit different.
I put maximum amount for elective deferrals ($14,755 allowed by TurboTax) in Individual 401(k) plan on the Individual and Roth 401 (k) Plans screen.
Then, TurboTax shows $1,511 federal refund.
After a few screens, TurboTax opens the Retirement Contribution Allocation screen with the field Amount of Contribution Attributed To This Business. It states "Enter the amount of your $14,755 Keogh, SEP, SIMPLE or 401(k) plan contribution deduction attributable to <my business name>".
If I enter $14,755, it reduces the refund to $1,186.
What should I enter in the Amount of Contribution Attributed To This Business?
Can I put a smaller amount there than I put for elective deferrals (self-employed retirement deduction)?
I noticed that if I put $0 in the Amount of Contribution Attributed To This Business, schedule 1 includes Self-employed health insurance deduction $3,287. If I put $14,755 there, Self-employed health insurance deduction disappears from Schedule 1 Adjustments to Income.
