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.
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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.
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.
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