SEP maximum contribution over 50?

[MGtax2]

Under "Less Common Business Situations"

2022 return software is saying I have an excess contribution to my SEP/401k. 

I am over 50, self employed as a consultant, and contributed $67,500 in 2022. Which is the maximum contribution plus the catch-up.

What's up?

[dmertz]

Which is it, a SEP-IRA or a self-employed 401(k).  It can't be both.

For 2022, the maximum SEP contribution would be $61,000 assuming you have $305,000 of net earnings from self-employment.  Net earnings from self-employment are net profit minus the deductible portion of self-employment taxes.

To be able to contribute $67,500, the plan would have to be a self-employed 401(k) and your net profit would likely have to be at least about $215,000 of net profit.

[MGtax2]

Thank you dmertz,

Operator error here. The 401k contribution window didn't open, went directly to SEP, Keogh, etc. 

All working fine, 401k, with catch up contributions and profit over $215,000 all working well.