Hello. I have W2 income and a 401k through work that is maxed out for 2018. This includes the 18,500 from my personal deferral and the remainder of 56k through employer profit sharing. I also had about 20k in 1099 profit with which I have an individual 401k. I assume I cannot defer another 18,500 as an elective deferral, but I assume that I can defer another 4k as employer contribution based on the 20% limit. However, Turbotax is saying that I can defer pretty much the entire 20k into the individual 401k. It's as if it is not aware that I already deferred the max 18,500 through my W2 employer account. Am I correct in thinking that I cannot electively defer any more (beyond 18,500) or is Turbotax correct in that I can since the income is 1099 income?
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