Traditional IRA contribution

[CSS1]

I'm confused about this subject.  When I work through the Turbotax section on the IRA contribution it asks me if I want to "Maximize" my contribution.  If I check that box Turbotax returns me a number higher than the "permitted" contribution of $7500.00.  Why is Turbotax maximizing my contribution at a higher amount?

Thanks in Advance,

[dmertz]

You are in the section for reporting contributions to a self-employed retirement plan.  Ordinary personal contributions are to be entered under Deductions & Credits, not business items.

If you are trying to determine the maximum contribution to a SEP-IRA for a SEP plan established under your business, the contribution limit is different than for an ordinary personal IRA contribution and TurboTax uses the  worksheet from Chapter 5 of IRS Pub 560 to determine the amount.

[CSS1]

Thanks,  My eyes glaze over when I try and read IRS publications.   Can you tell me what else in our company profile I should look at to determine our maximum contribution or can I take Turbotax word that I can contribute their calculated "Maximum" contribution?