For my 401k, I entered $10,250 in "Elective Deferrals" I clicked the box "Maximize contribution..." which then came up with "Max. Allowed" as $33,706.

[dave13]

The questionnaire did not ask me for this information. My self-employed business paid $10,250 towards my 401k. I clicked the box "Maximize contribution..." and the result was "Max Allowed" as $33,706 and it reduced my taxes substantially. Does that mean I must contribute $23,000 more my 401k to get that deduction?

If I choose not to contribute more, do I need to unclick the "Maximize contribution" box?

Thanks.

[rainydaze]

When you select "Maximize contribution" the software calculates the maximum benefit allowed.  If you would like to maximize your refund, then you will need to contribute the total of $33,706 (as that is what would be reported on your tax return).  If you would rather stick with your current contribution, then unselect the button and enter in only the amount that has been contributed.

[dmertz]

If you do choose to contribute the maximum, be aware that your maximum contribution is the sum of your maximum regular elective deferral ($18,000), catch-up if age 50 or older in 2016 ($6,000), and the remainder is employer matching contribution.  You should document the breakdown of your contributions.  Some trustees ask for that on they're contribution forms, so you'll need to be sure that the totals of each portion do not exceed the portion maximums.