The calculation is correct. While you can only deduct 25% of your net income as a SEP deduction, you can contribute up to 100% of your net earnings. So, since you have the maximize box checked, TurboTax is calculating using 100% of your net earnings. If you want to maximize your deduction, you will need to calculate the 25% and enter that instead of checking the maximize box.
@DebJRB
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