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Maximize solo 401K disregards w-2 401K contributions?

As a w-2 employee, I made some contributions (say X dollars) to my employer's 401K plan. I also have some 1099-NEC income from a side gig, which I report on Schedule C. When I ask Turbotax (Deluxe for Windows, 2023) to maximize my solo-401K deductions, it comes up with a number (say Y dollars). However, X + Y = $32,099. This should be no more than $30K, right? (I'm over 50). It looks like the Keogh/SEP worksheet is not taking the W-2 contributions I made into account. How do I fix this? Thanks!

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1 Reply
dmertz
Level 15

Maximize solo 401K disregards w-2 401K contributions?

As you observed, TurboTax does not provide the ability to use the Maximize function when you have made elective deferrals to another 401(k).  You'll have to do the calculations yourself.

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