I am a sole proprietor and having difficulty entering my solo401k contributions.
I contributed $20,500 to my solo401k as elective deferral (entered as Roth 401K under business section in turbotax). I then used the maximize feature to determine how much I could contribute to my SEP IRA as an employer contribution (pretax) - this came out to $24,784.
With this information entered it says - Already Entered - $20,500. Amount to contribute by plan due date - $24,784. This is in the business section.
When I finish the rest of the taxes (married filing jointly), the Retirement Deduction Results in the Personal Deductions and Credit section shows that I can only contribute $4,280 by the plan due date (24,784-20,500).
Am I misunderstanding what TurboTax is trying to tell me? I should be able to contribute the 20500 as elective deferral AND 24784 as employer contribution I thought.
Thanks for any advice/help!
