solo 401k maximize

[pangho]

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

[AliciaP1 · Accepted solution]

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.

[pangho]

Got it. Many thanks.

[pangho]

Thank you, Alicia. P1