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New Member
posted Apr 5, 2025 8:08:23 PM

Solo 401k contributions.. I entered $23,000 for my personal contribution and $46,000 for the business contribution. TurboTax calcs $46,190 not $69,000. What am I missing?

These are the max allowable amounts for 2024 per the IRS.

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1 Best answer
Level 15
Apr 6, 2025 6:46:07 AM

Assuming no other employment where you pay Social Security tax, an employer contribution of more than $23,190 to your solo 401(k) would require net profit from self-employment of more than $124,765.  Are you saying that your net profit is more than that?

4 Replies
Expert Alumni
Apr 6, 2025 4:43:27 AM

The limit of $69,000 is the upper limit. 

 

The solo 401(k) is also limited by your net earnings from self-employment after deducting both:

  • one-half of your self-employment tax, and
  • contributions for yourself.

The contribution limits of a solo 401(k) are given in this IRS document

 

New Member
Apr 6, 2025 5:42:05 AM

My situation is eligible for the upper limit. TurboTax is limiting incorrectly.

Level 15
Apr 6, 2025 6:46:07 AM

Assuming no other employment where you pay Social Security tax, an employer contribution of more than $23,190 to your solo 401(k) would require net profit from self-employment of more than $124,765.  Are you saying that your net profit is more than that?

New Member
Apr 6, 2025 7:08:55 AM

Thanks - this answer was helpful.