I have two jobs: one W-2 and one 1099. I have maxed out my employer and employee contributions with my W-2 job for 2024. For my 1099 job, on the "Keogh, SEP and SIMPLE Contribution Worksheet," page 3, part V - "Maximum Koegh/SEP/SIMPLE/401(k) Deductible Contribution" number 1 shows "Total maximum allowable deduction" is $33,624 and number 2 shows "Amount(s) transferred to Schedule 1, line 16" is $11,000. The $11,000 is what I put into my Solo 401k contributions for 2024, separate from my W-2 retirement bucket. When I ran the TurboTax program, my taxes went through and nothing was flagged. Did I over contribute or could I have put more? Thanks in advanced!
No, TurboTax has not been programmed with the ability to do this. If you make employee contributions to a different employer's plan, you cannot use the Maximize function for a solo 401(k) contribution. You'll have to manually calculate and enter the amount of your employee contribution to the solo 401(k), but you can use the Maximize function for a SEP IRA contribution to calculate the maximum permissible employer contribution to the solo 401(k).
No, TurboTax has not been programmed with the ability to do this. If you make employee contributions to a different employer's plan, you cannot use the Maximize function for a solo 401(k) contribution. You'll have to manually calculate and enter the amount of your employee contribution to the solo 401(k), but you can use the Maximize function for a SEP IRA contribution to calculate the maximum permissible employer contribution to the solo 401(k).