turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes & Forms (2024) on Mar 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Turbotax error: excess solo 401k contributions? Contributions cannot be greater than net profit on Schedule C minus deduction for SE taxes minus SE health insurance.

TT does not correct for SE tax and SE health insurance deduction
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
dmertz
Level 15

Turbotax error: excess solo 401k contributions? Contributions cannot be greater than net profit on Schedule C minus deduction for SE taxes minus SE health insurance.

"Contributions cannot be greater than net profit on Schedule C minus deduction for SE taxes minus SE health insurance."

 

Yes, that's correct.  That's what the tax code says and TurboTax adheres to that.  The sum of the deductible portion of self-employment taxes, your self-employed health insurance deduction and your contributions to the solo 401(k) are not permitted to exceed the net profit shown on Schedule C line 31.  You'll need to limit the amount that you claim as a self-employed health insurance deduction or reduce your solo 401(k) contribution so the sum of these does not exceed net profit from self-employment.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question