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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.
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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
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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
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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?
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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
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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
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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?