I have a solo 401k, and contributed what I thought to be the max of 23k plus a catch up because of my age of 7500, for a total of 30,5,. Those contributions are correctly entered. Then there's this worksheet where they go through all sorts of calculations that I really don't understand and come up with a max deduction of some 37k. I did NOT tick the box that says max out my contribution, and yet it seems to think that's what I'm doing, and it tells me to make another payment of 7k before tax day. I can't make that 37k figure go away . Anyone experience the same, or just know how I can fix this?
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The $30,500 is correct for the 401k. I wonder if an IRA or something else that could be nontaxable is coming into play. Take a look at all the worksheets in your tax return. You do have a box ticked causing trouble. If you can find which worksheet, we can figure out where in the program to find the solution.
You want to look at all worksheets as well. Choose to see everything, not just forms.
To print or view your forms:
Thanks. I’d been meaning to update this. Turns out when I was looking at max deduction options the 37k figure was in the reply “how much to attribute to this business” (whether auto filled or my doing I don’t recall) and that must have carried over. Once I changed that to match my actual contribution all was good.
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