How. much can an independent contractor save in their Individual 401K for 2024 if they are over 50?

Turbo Tax is telling me that I contributed OVER the legal limit and won't let me proceed, BUT I've found that over 50, can contribute up to $30,500 as an employee to your Individual 401(k) for 2024. Does anyone know what is accurate? Also, then how do I get Turbo Tax to fix this?

posted

You're correct, the maximum amount you can contribute to a 401(k) is $30,500. However, the contribution is limited to your net income from self-employment (after self-employed tax deduction).