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?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
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
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?
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
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?
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
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
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?
Dynamic Ads
v
Privacy Settings