https://ttlc.intuit.com/community/retirement/discussion/i-contributed-23k-to-my-solo-401k-as-employee-and-will-contribute-12k-as-an-employer-based-on/01/3480109#M233483 I'm in the section where TurboTax asks you for Self Employed Retirement Plans if I contributed to a traditional individual 401k plan. I selected yes. I put $23K into elective deferrals since that's what I contributed as an employee and now would like to max out the employer's side which is 20% of net income I believe. Turbo tax has a button I can click for them to calculate what the max contribution I can make is which comes out to a little over $12K. How come now when I add that 12K to the "employer matching (profit sharing) contributions" box, it doesn't lower my taxes owed at all? This should bring it down no? Tue, 03 Feb 2026 11:18:42 GMT j8ycey 2026-02-03T11:18:42Z https://ttlc.intuit.com/community/retirement/discussion/i-contributed-23k-to-my-solo-401k-as-employee-and-will-contribute-12k-as-an-employer-based-on/01/3480109#M233483 I'm in the section where TurboTax asks you for Self Employed Retirement Plans if I contributed to a traditional individual 401k plan. I selected yes. I put $23K into elective deferrals since that's what I contributed as an employee and now would like to max out the employer's side which is 20% of net income I believe. Turbo tax has a button I can click for them to calculate what the max contribution I can make is which comes out to a little over $12K. How come now when I add that 12K to the "employer matching (profit sharing) contributions" box, it doesn't lower my taxes owed at all? This should bring it down no? Tue, 03 Feb 2026 11:18:42 GMT https://ttlc.intuit.com/community/retirement/discussion/i-contributed-23k-to-my-solo-401k-as-employee-and-will-contribute-12k-as-an-employer-based-on/01/3480109#M233483 j8ycey 2026-02-03T11:18:42Z https://ttlc.intuit.com/community/retirement/discussion/re-i-contributed-23k-to-my-solo-401k-as-employee-and-will-contribute-12k-as-an-employer-based-on/01/3480288#M233499 <P>Examine TurboTax's Keogh, SEP and SIMPLE Contribution Worksheet to see the calculation of the deductible amount.&nbsp; Examine Form 1040 to see how the above-the-line deductions from Schedule 1, including the self-employed retirement deduction, are affecting your taxable income with and without the employer contribution.</P> Thu, 13 Feb 2025 13:25:33 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-contributed-23k-to-my-solo-401k-as-employee-and-will-contribute-12k-as-an-employer-based-on/01/3480288#M233499 dmertz 2025-02-13T13:25:33Z https://ttlc.intuit.com/community/retirement/discussion/re-i-contributed-23k-to-my-solo-401k-as-employee-and-will-contribute-12k-as-an-employer-based-on/01/3484252#M233927 <P>I'm contributing to a solo 401k though. Is that a different form? Where can I find this form?</P> Sat, 15 Feb 2025 03:36:10 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-contributed-23k-to-my-solo-401k-as-employee-and-will-contribute-12k-as-an-employer-based-on/01/3484252#M233927 j8ycey 2025-02-15T03:36:10Z https://ttlc.intuit.com/community/retirement/discussion/re-i-contributed-23k-to-my-solo-401k-as-employee-and-will-contribute-12k-as-an-employer-based/01/3484283#M233933 <P>To clarify, what type of tax entity are you? S-Corp, Sole-proprietorship (schedule C) ?</P> Sat, 15 Feb 2025 04:02:12 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-contributed-23k-to-my-solo-401k-as-employee-and-will-contribute-12k-as-an-employer-based/01/3484283#M233933 KrisD15 2025-02-15T04:02:12Z https://ttlc.intuit.com/community/retirement/discussion/re-i-contributed-23k-to-my-solo-401k-as-employee-and-will-contribute-12k-as-an-employer-based/01/3484287#M233934 <P>Sole prop</P> Sat, 15 Feb 2025 04:08:12 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-contributed-23k-to-my-solo-401k-as-employee-and-will-contribute-12k-as-an-employer-based/01/3484287#M233934 j8ycey 2025-02-15T04:08:12Z