turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Maximum contribution to all qualified retirement plans for 2022?

We're looking to setup a Defined Benefit Plan for 2022 which was not in the works before but thanks to SECURE 2 Act, we can still do it after December 31st.

 

Not anticipating this we maximized our Solo 401k contributions. Wife and I both have ~300k NET each on SE income. Wife also has W2 job so she took 61k in profit sharing and I did 20.5k + 40.5k to get to 61k. 

 

The DBP plan actuary wants us to contribute 300k (150k each) for 2022. However the actuary thinks we need to take out all the profit sharing contributions. Is that necessary?  What is the maximum limit for solo 401k and DBP? There are no errors returned by TurboTax when I leave the contributions as they are on 401k and add the DBP contribution as well.

 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
RobertB4444
Expert Alumni

Maximum contribution to all qualified retirement plans for 2022?

The contribution limit for a defined benefit plan is any amount up to the plan's unfunded liability as determined by your actuary.  Your 401K contributions should have no bearing on it.  

 

Here's the IRS take on DBPs.

 

@taxesarefun_0_0

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies