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acmetom
New Member

My Keough, SEP and Simple Contrib Worksheet is arrivg at a wrong deduction amt - it's deduct'g my max allowed solo 401k contrib and not my actl contrib. Why/how to fix??

The resulting overstated deduction is flowing through to Schedule 1, resulting in understated AGI, taxable income and tax owed. Why is this schedule doing this and how do I fix without overriding?
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dmertz
Level 15

My Keough, SEP and Simple Contrib Worksheet is arrivg at a wrong deduction amt - it's deduct'g my max allowed solo 401k contrib and not my actl contrib. Why/how to fix??

Make sure that you have not marked the Maximize box for either a 401(k) contribution or a SEP-IRA contribution.  If all else fails, delete the Keogh, SEP and SIMPLE Contribution Worksheet and reenter the amounts of your elective deferrals and employer contribution.

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