You'll need to sign in or create an account to connect with an expert.
TurboTax does not support automatic calculation of your maximum deductible contribution to a solo 401(k) when you have made elective deferrals or Roth contributions to another employer's qualified retirement plan. This is explicitly documented as unsupported: https://ttlc.intuit.com/questions/1901702-are-there-any-personal-individual-tax-situations-or-calcul...
Since you have already made the maximum permissible elective deferral and therefore cannot make any elective deferral or Roth contribution under your solo 401(k) plan, you can instead mark the Maximize box for a Keogh profit-sharing plan. This will cause TurboTax to calcutate only the maximum employer contribution permissible to your solo 401(k). Indicate No, you did not contribute to an Individual or Roth 401(k) plan, then indicate Yes, you contributed to a Keogh plan, then mark the Maximize box for the Profit Sharing Keogh Plan. The calculation of the employer contribution is the same as for a 401(k).
TurboTax does not support automatic calculation of your maximum deductible contribution to a solo 401(k) when you have made elective deferrals or Roth contributions to another employer's qualified retirement plan. This is explicitly documented as unsupported: https://ttlc.intuit.com/questions/1901702-are-there-any-personal-individual-tax-situations-or-calcul...
Since you have already made the maximum permissible elective deferral and therefore cannot make any elective deferral or Roth contribution under your solo 401(k) plan, you can instead mark the Maximize box for a Keogh profit-sharing plan. This will cause TurboTax to calcutate only the maximum employer contribution permissible to your solo 401(k). Indicate No, you did not contribute to an Individual or Roth 401(k) plan, then indicate Yes, you contributed to a Keogh plan, then mark the Maximize box for the Profit Sharing Keogh Plan. The calculation of the employer contribution is the same as for a 401(k).
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
bce0
Returning Member
TXW
Returning Member
julienitti
Returning Member
dwtvmi
New Member
SelenaP
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.