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Level 2
posted Mar 11, 2023 4:21:29 PM

Solo 401k contribution stuck, can't remove

UPDATE with images FROM March 14; still stuck. How do I remove this incorrect SEP donation amount?  New images are just below here, above the dashed line. Below the dashed line is the original post.

 

SCHEDULE 1, Line 16 Self-employed SEP, SIMPLE, and qualified plans is stuck at $22,764 not matter what I do! I did enter an amount for Solo 401-k on Sunday, but it was incorrect and I can't remove it or change it!

 

1st attempt March 14 to fix

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Well that didn't work, here's next unsuccessful attempt to remove amount on Sched. 1 Line 16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3rd try March 14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

--------------  BELOW FROM ORIGINAL POST ON SATURDAY MARCH 11  ------------------------------------------------

Hi,

 

I told Online Turbo Tax SELF EMPLOYED that I wanted to MAXIMIZE my contributions to my Solo 401k (called 'Individual 401-K in TurboTax.). Now I can't get rid of that, even after deselecting that checkbox. 

 

I'd rather enter a smaller amount on my solo 401-K now.

 

How to get there:

Under Wages & Income > Other Business Situations (near bottom of the income page) then Self-Employment Retirement Plans.

 

DiD He or She contribute to a individual or Roth 401K? >> YES

 

Individual 401(k)$0$2,000

Maximum Allowed to Qualified Plans $32,799

Amount to Contribute by Plan Due Date$30,799 

Employer Match $8,125   

 

Can't get rid of the large amounts, unless I start over by zeroing out. But then enter small amounts and it still wants to maximize contribution to allowed amount, and I can't get rid of it?

 

HELP! Thanks

 

 

 

0 4 1587
1 Best answer
Expert Alumni
Mar 18, 2023 7:31:55 AM

Try deleting your Keogh/SEP/SIMPLE Contribution Worksheet.

 

  1. Tap Tax Tools in the left column
  2. Tap Tools
  3. Select  Delete a Form in Tools Center
  4. Scroll down to Keogh/SEP/SIMPLE Contribution Worksheet and delete
  5. Click Continue With My Return in the lower right when you are finished

4 Replies
Expert Alumni
Mar 11, 2023 4:59:04 PM

You are not required to contribute the maximum amount.  This page just shows what the max is, and how much more you could contribute,  If you want to keep the 401k at $2,000 you can just continue and TurboTax will proceed with that amount.  IF you change the amount, you are supposed to Review Contributions, change the amount, then it will loop you back to this screen with the new calculations.  

 

Level 2
Mar 15, 2023 6:27:16 AM

Hi Mary,

 

Still having problems. Please kindly review the updated post.

 

Thanks again!

Expert Alumni
Mar 18, 2023 7:31:55 AM

Try deleting your Keogh/SEP/SIMPLE Contribution Worksheet.

 

  1. Tap Tax Tools in the left column
  2. Tap Tools
  3. Select  Delete a Form in Tools Center
  4. Scroll down to Keogh/SEP/SIMPLE Contribution Worksheet and delete
  5. Click Continue With My Return in the lower right when you are finished

Level 2
Mar 18, 2023 9:20:39 AM

Thank you Mary!

 

I was just on the TurboTax Phone Help Line for an hour, and after they remoted in and we tried to get rid of it by reviewing many forms, they just had me do what you suggested. I deleted that form, and it got rid of the stuck amount (and a few other amounts on Schedule 1, which I should be able to recreate.

 

Thanks for helping and being part of this community!