topic Understanding Maximum 401k Contributions in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/understanding-maximum-401k-contributions/01/395502#M35523 <P> </P><P>I am the sole proprietor of a small business. I am using Turbo Tax for Home &amp; Small Business, entering information in the SELF-EMPLOYED RETIREMENT PLAN section. <BR /></P><P>When it asks DID YOU CONTRIBUTE TO AN INDIVIDUAL OR ROTH 401 (k) PLAN, I say YES. <BR /></P><P>When asked for my 2018 CONTRIBUTION to these plans, &nbsp;I check the box to MAXIMIZE MY CONTRIBUTION to a 401K.</P><P> Turbo Tax tells me that my MAXIMUM 410K CONTRIBUTION is $24,500. <BR /></P><P>When asked if I contributed to a Keogh, SEP or Simple Plan, I say NO. <BR /></P><P>When I get to my Retirement Contributions page is says that my MAXIMUM ALLOWED TO QUALIFIED PLANS is $38,973. <BR /></P><P>How did I get from $24,500 to $38,973? <BR /></P><P>The difference is $14,473. <BR /></P><P>Where do I contribute this amount of $14,473?</P> <P></P><BR /> Tue, 04 Jun 2019 19:39:23 GMT TaxxyDude 2019-06-04T19:39:23Z Understanding Maximum 401k Contributions https://ttlc.intuit.com/community/retirement/discussion/understanding-maximum-401k-contributions/01/395502#M35523 <P> </P><P>I am the sole proprietor of a small business. I am using Turbo Tax for Home &amp; Small Business, entering information in the SELF-EMPLOYED RETIREMENT PLAN section. <BR /></P><P>When it asks DID YOU CONTRIBUTE TO AN INDIVIDUAL OR ROTH 401 (k) PLAN, I say YES. <BR /></P><P>When asked for my 2018 CONTRIBUTION to these plans, &nbsp;I check the box to MAXIMIZE MY CONTRIBUTION to a 401K.</P><P> Turbo Tax tells me that my MAXIMUM 410K CONTRIBUTION is $24,500. <BR /></P><P>When asked if I contributed to a Keogh, SEP or Simple Plan, I say NO. <BR /></P><P>When I get to my Retirement Contributions page is says that my MAXIMUM ALLOWED TO QUALIFIED PLANS is $38,973. <BR /></P><P>How did I get from $24,500 to $38,973? <BR /></P><P>The difference is $14,473. <BR /></P><P>Where do I contribute this amount of $14,473?</P> <P></P><BR /> Tue, 04 Jun 2019 19:39:23 GMT https://ttlc.intuit.com/community/retirement/discussion/understanding-maximum-401k-contributions/01/395502#M35523 TaxxyDude 2019-06-04T19:39:23Z $24,500 is your maximum employee elective deferral.  The... https://ttlc.intuit.com/community/retirement/discussion/24-500-is-your-maximum-employee-elective-deferral-the/01/395510#M35525 <P>$24,500 is your maximum employee elective deferral.&nbsp; The $14,473 is the maximum employer contribution, 20% of your net profit minus the deductible portion of your self-employment taxes.&nbsp; Assuming that you have no other employment that would put you over the Social Security wage limit, the $14,473 maximum employer contribution implies that your net profit from self-employment is about $80,555.&nbsp; The calculations are shown on TurboTax's Keogh, SEP and SIMPLE Contribution Worksheet.</P><P>When you contribute to an individual 401(k), you designate the amount that is employee elective deferral ($24,500) and the amount that is employer contribution ($14,473).&nbsp; The contribution form used by your 401(k) trustee is likely to have separate entries for each of these amounts.</P> Tue, 04 Jun 2019 19:39:25 GMT https://ttlc.intuit.com/community/retirement/discussion/24-500-is-your-maximum-employee-elective-deferral-the/01/395510#M35525 dmertz 2019-06-04T19:39:25Z
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topic Understanding Maximum 401k Contributions in Retirement tax questions
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<P> </P><P>I am the sole proprietor of a small business. I am using Turbo Tax for Home &amp; Small Business, entering information in the SELF-EMPLOYED RETIREMENT PLAN section. <BR /></P><P>When it asks DID YOU CONTRIBUTE TO AN INDIVIDUAL OR ROTH 401 (k) PLAN, I say YES. <BR /></P><P>When asked for my 2018 CONTRIBUTION to these plans, &nbsp;I check the box to MAXIMIZE MY CONTRIBUTION to a 401K.</P><P> Turbo Tax tells me that my MAXIMUM 410K CONTRIBUTION is $24,500. <BR /></P><P>When asked if I contributed to a Keogh, SEP or Simple Plan, I say NO. <BR /></P><P>When I get to my Retirement Contributions page is says that my MAXIMUM ALLOWED TO QUALIFIED PLANS is $38,973. <BR /></P><P>How did I get from $24,500 to $38,973? <BR /></P><P>The difference is $14,473. <BR /></P><P>Where do I contribute this amount of $14,473?</P> <P></P><BR />
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<P> </P><P>I am the sole proprietor of a small business. I am using Turbo Tax for Home &amp; Small Business, entering information in the SELF-EMPLOYED RETIREMENT PLAN section. <BR /></P><P>When it asks DID YOU CONTRIBUTE TO AN INDIVIDUAL OR ROTH 401 (k) PLAN, I say YES. <BR /></P><P>When asked for my 2018 CONTRIBUTION to these plans, &nbsp;I check the box to MAXIMIZE MY CONTRIBUTION to a 401K.</P><P> Turbo Tax tells me that my MAXIMUM 410K CONTRIBUTION is $24,500. <BR /></P><P>When asked if I contributed to a Keogh, SEP or Simple Plan, I say NO. <BR /></P><P>When I get to my Retirement Contributions page is says that my MAXIMUM ALLOWED TO QUALIFIED PLANS is $38,973. <BR /></P><P>How did I get from $24,500 to $38,973? <BR /></P><P>The difference is $14,473. <BR /></P><P>Where do I contribute this amount of $14,473?</P> <P></P><BR />
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$24,500 is your maximum employee elective deferral.  The...
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https://ttlc.intuit.com/community/retirement/discussion/24-500-is-your-maximum-employee-elective-deferral-the/01/395510#M35525
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<P>$24,500 is your maximum employee elective deferral.&nbsp; The $14,473 is the maximum employer contribution, 20% of your net profit minus the deductible portion of your self-employment taxes.&nbsp; Assuming that you have no other employment that would put you over the Social Security wage limit, the $14,473 maximum employer contribution implies that your net profit from self-employment is about $80,555.&nbsp; The calculations are shown on TurboTax's Keogh, SEP and SIMPLE Contribution Worksheet.</P><P>When you contribute to an individual 401(k), you designate the amount that is employee elective deferral ($24,500) and the amount that is employer contribution ($14,473).&nbsp; The contribution form used by your 401(k) trustee is likely to have separate entries for each of these amounts.</P>
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