Online version not calculating solo401k contribution correctly

[daichovo]

I am mostly self-employed- and primarily in one industry.  I have just one W2, very part-time job and I don't have any benefits there including retirement.  I have a solo401k for myself and in the main industry made about $25k (also about $2k doing other side hustles I didn't include in that).  But turbotax online self-employed is saying the max contribution is only $19k...even though at minimum it should be $19.5k, and it won't let me include an employer contribution either.

[dmertz]

The TurboTax developers have not yet fully updated the Keogh, SEP and SIMPLE Contribution Worksheet to reflect the 2020 limits.  Expect to see that updated in a future release.  This is a typical occurrence every year; unfortunately, you'll just have to wait for that update.

Income reported on a W-2 is not income from self-employment and does not contribute to the compensation from self-employment that is used to calculate your maximum contribution to the solo 401(k) that is reportable as a self-employed retirement deduction on your individual tax return.  I don't think that you were indicating that you included that, but I just wanted that to be clear.

All of your income and expenses from all of your self-employment work, including the $2k from your side-hustles assuming that that is not the income reported on your W-2, must be reported on Schedule C.  It is all subject to self-employment taxes.