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New Member
posted Jun 3, 2019 1:15:09 PM

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.

0 6 1299
6 Replies
Level 15
Jun 3, 2019 1:15:11 PM

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

Do you have a job with a 401K contribution already?

New Member
Jun 3, 2019 1:15:12 PM

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

Level 15
Jun 3, 2019 1:15:13 PM

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

New Member
Jun 3, 2019 1:15:15 PM

no

New Member
Jun 3, 2019 1:15:16 PM

It overrides me and enters a number as a Keogh contribution

Level 15
Jun 3, 2019 1:15:18 PM

Is this a 401K or SEP IRA?