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vossmar1
New Member

I am self employed with 60 K net income. Turbo tax calculates my self employed 401K at 14 K which is very low. What is correct method to get appropriate calculation?

answers missed the mark this is for 2018 return.

6 Replies
MichaelL1
Level 15

I am self employed with 60 K net income. Turbo tax calculates my self employed 401K at 14 K which is very low. What is correct method to get appropriate calculation?

Here is a calculator   https://scs.fidelity.com/products/mobile/sepMobile.shtml

Do you have a job with a 401K contribution already?
vossmar1
New Member

I am self employed with 60 K net income. Turbo tax calculates my self employed 401K at 14 K which is very low. What is correct method to get appropriate calculation?

I used the Fidelity numbers but TT said I was over contributed and did not give tax benefit
MichaelL1
Level 15

I am self employed with 60 K net income. Turbo tax calculates my self employed 401K at 14 K which is very low. What is correct method to get appropriate calculation?

Do you have other income from a job and have a retirement plan?
vossmar1
New Member

I am self employed with 60 K net income. Turbo tax calculates my self employed 401K at 14 K which is very low. What is correct method to get appropriate calculation?

no
vossmar1
New Member

I am self employed with 60 K net income. Turbo tax calculates my self employed 401K at 14 K which is very low. What is correct method to get appropriate calculation?

It overrides me and enters a number as a Keogh contribution
MichaelL1
Level 15

I am self employed with 60 K net income. Turbo tax calculates my self employed 401K at 14 K which is very low. What is correct method to get appropriate calculation?

Is this a 401K or SEP IRA?
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