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I took the maximum personal 401k solo contribution. How do I get Turbo tax to calculate my tax liability if I wish to make a smaller employer contribution or none at all?

I took the maximum personal contribution on my solo 401(k)($24,500)  However,Turbo tax is telling me that I have to make an additional employer contribution of >$10,000.00 to my solo 401K.  I want to make a smaller employer contribution, but Turbo Tax does not appear to permit that.

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dmertz
Level 15

I took the maximum personal 401k solo contribution. How do I get Turbo tax to calculate my tax liability if I wish to make a smaller employer contribution or none at all?

Unmark the Maximize box, enter $18,500 in the regular elective deferral box, $6,000 in the catch-up elective deferral box and your smaller employer contribution in the employer matching/profit sharing box.

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1 Reply
dmertz
Level 15

I took the maximum personal 401k solo contribution. How do I get Turbo tax to calculate my tax liability if I wish to make a smaller employer contribution or none at all?

Unmark the Maximize box, enter $18,500 in the regular elective deferral box, $6,000 in the catch-up elective deferral box and your smaller employer contribution in the employer matching/profit sharing box.

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