Hi, I am self-employed and like to contribute 10K to the 401k. But when I click the maximize box it says 27k and I would have a much bigger deduction/deferred. Does this mean I need to put 27k into my account instead 10k ?
Thank you in advance for any response!
Pang
Yes, if you check the maximize box TurboTax will calculate the maximum allowable/deductible contribution. If you do not input the specific amount you want to contribute, you will need to contribute that amount by 4/18/23. If you only want to contribute $10k, uncheck the maximize box and enter $10k as your contribution.
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