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?

[davidaustingt]

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

[MinhT1]

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. 

[davidaustingt]

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

[dmertz · Accepted solution]

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?

[davidaustingt]

Thanks - this answer was helpful.