Hi Community,
My question is regarding how to interact TurboTax software. I haven't made any contributions in 2023 but I got my 401k solo account opened in 2023. I plan to make contribution before April 15th, 2024. I don't know how to answer TurboTax questions. Below are steps:
In this page, because I haven't made any contribution in 2023, I will type all 0 or left empty.
because I plan to contribute for 2023, I check the "Maximize Contribution to Individual 401(k)" box.
Is my understanding correct?
Looks not.
The "Maximize contribution" checkbox will lead to "maximum allowed to qualified plans" 26474.
But I only want/plan to contribute 10000.
But I also cannot uncheck the checkbox because I didn't make any contribution in 2023.
A deadlock here....
You'll need to sign in or create an account to connect with an expert.
Read "in 2023" as saying "for 2023" and unmark the Maximize box. This is just one of many examples of poor wording made by TurboTax editors.
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