☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 2:15:07 PM

I took the maximum personal 401k solo contribution. How do I get Turbo tax to calculate my tax liability if I wish to make a smaller employer contribution or none at all?

I took the maximum personal contribution on my solo 401(k)($24,500)  However,Turbo tax is telling me that I have to make an additional employer contribution of >$10,000.00 to my solo 401K.  I want to make a smaller employer contribution, but Turbo Tax does not appear to permit that.

0 1 554
1 Best answer
Level 15
Jun 4, 2019 2:15:08 PM

Unmark the Maximize box, enter $18,500 in the regular elective deferral box, $6,000 in the catch-up elective deferral box and your smaller employer contribution in the employer matching/profit sharing box.

1 Replies
Level 15
Jun 4, 2019 2:15:08 PM

Unmark the Maximize box, enter $18,500 in the regular elective deferral box, $6,000 in the catch-up elective deferral box and your smaller employer contribution in the employer matching/profit sharing box.