I am using Turbotax Home & Business version I purchased. I am a self-employed independent contractor. I know I can contribute $19,500 to Roth Solo employee contribution + $6,500 catch up contribution. I plan to send contribution after filing taxes, but before April 15, 2022. When I enter these figures + employer contribution of $38,500 (as I am my own employer) under page Individual and Roth 401(k) Plans, my current Federal Refund amount flips into a "Taxes Owed". Why is this happening? What am I doing wrong? Should I not enter any amount on this page, and get the refund and then send the amounts in to my investment financial institute? Need help please.
You'll need to sign in or create an account to connect with an expert.
@fjk031 You are entering the contributions in the wrong place. Delete the contributions that you entered and then follow these instructions to enter your self employed retirement plan contributions.
This really does not help. The link only takes me to unrelated and on-going conversations covering other topics.
On the employer/employee side of it, the contribution is limited to 25% of the employee compensation for the year.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
emmaelotter
Level 1
BonnieMedicare
New Member
BevW
New Member
satya1224
New Member
bmsamson
New Member