Self Employed Maximum contribution

[Tom Westwind]

- Self-employed spouse who was successful this year (positive income past expenses).

- Turbo tax states maximum  2022 contribution is $27K for a 401k plan.

- However, Turbo Tax retirement maximizer states maximum allowed to qualified plans is $37K  ($10K above the limit).

- Where and how do I submit a $37K retirement contributions.  Do I need to obtain a Simple IRA or something else?

Please advise

[dmertz]

The $37,000 limit indicated by TurboTax is for the $27,000 employee elective deferral and, in this case, $10,000 permissible employer contribution combined.

No, your spouse is not permitted to have a SIMPLE IRA when your spouse has a self-employed 401(k).  The $10,000 employer contribution, if your spouse makes one, is made to the same 401(k) account as the elective deferrals.  Refer to the documentation provided by your spouse's 401(k) plan for making contributions.