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rsisco24
New Member

why is self employment retirement plan showing the max allowed not my actual contribution

 
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3 Replies
RobertB4444
Expert Alumni

why is self employment retirement plan showing the max allowed not my actual contribution

The system will default to the max allowed if the amount that you enter is greater than that.  Please review the amount that you entered to make certain that there was not an entry error that caused the system tot default to the max allowed.

 

 

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mistyy1
New Member

why is self employment retirement plan showing the max allowed not my actual contribution

On self employed retirement, even when I put 0 contributions, TurboTax keeps filling in my max amount under business deductions, then will not allow me to deduct personal IRA contribution.  I have gone back multiple times to be sure 0 in business retirement.  How can I get this changed to allow for my personal deduction?

CesarJ
Expert Alumni

why is self employment retirement plan showing the max allowed not my actual contribution

TurboTax may show the maximum allowed self-employed retirement plan contribution to help you understand your potential deduction, even if you enter $0 as your actual contribution.

To have TurboTax recognize your zero contribution and allow a personal IRA deduction:
1. Double-check in the Self-Employed Retirement Plans section that you entered $0 for all types of self-employed retirement contributions.
2. On the screen showing the max contribution, make sure you did not select any option to "Maximize Contribution."
3. If the maximum amount still appears, try revisiting and confirming your actual entries until the software recalculates properly.
 

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