Excess 401k deferral Using home and business; had 401k elective contribution of $4284 for 2018; Turbo telling me this is an excess amount and to withdraw excess: why

[Nickado3]

I am 41 and thought limits for me for 401k contri was $18500? what gives with Turbo warning??

[Nickado3]

the answer provided did not address my question and issue!

[DawnC0]

Not enough compensation or SE profit would limit your elective contributions.  You have somehow indicated that you do not qualify or you have other contributions reported somewhere.   If you are still having issues, you can post another question or you can call support.  <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number?jump_to=answer_3300041">...>

[dmertz]

Do you have net profit on Schedule C of at least $4,571?

[DawnC0]

The maximum contribution limit for 401(k) accounts in 2018 is rising to $18,500 for elective contributions.  The basic limit on elective deferrals is $19,000 in 2019, $18,500 in 2018, and $18,000 in 2015 - 2017, or 100% of the your compensation, whichever is less. 

Retirement Topics - Contributions

Contribution limits for self-employed individuals

You must make a special computation to figure the maximum amount of elective deferrals and nonelective contributions you can make for yourself. When figuring the contribution, compensation is your “earned income,” which is defined as net earnings from self-employment after deducting both:

• one-half of your self-employment tax, and
• contributions for yourself.

Use the rate table or worksheets in Chapter 5 of IRS Publication 560, “Retirement Plans for Small Business,” for figuring your allowable contribution rate and tax deduction for your 401(k) plan contributions. See also Calculating Your Own Retirement Plan Contribution.