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fjk031
Returning Member

Employee Max Roth Solo contribution

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.

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3 Replies
RobertB4444
Expert Alumni

Employee Max Roth Solo contribution

@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.

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fjk031
Returning Member

Employee Max Roth Solo contribution

This really does not help.  The link only takes me to unrelated and on-going conversations covering other topics.

DaveF1006
Expert Alumni

Employee Max Roth Solo contribution

On the employer/employee side of it, the contribution is limited to 25% of the employee compensation for the year.

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