Question

Self-Employment Retirement Plans Bug - Calculation Problem

Forum|Forum|2 years ago
February 19, 2024
1 reply
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I am entering information into Self-Employment Retirement Plans Individual 401k. I am trying to figure out how much I need to add so I don't have to pay taxes.

Elective Deferrals 20,000 (didn't change)

Employer Matching 15,000 (Change to 25,000)

The total in income and expenses for Self-Employment Retirement Plans shows $41,137 instead of $45,000. No matter how high I make it, it is capped at $41,137. I believe it shouldn't be capped to that number.

TurboTax Premier Online

D

DavidD66

The program calculates the maximum retirement plan contribution based on Self-Employment income. Income for the employer contribution has to be adjusted for both the employee contribution and the employer contribution. Can you elaborate and clarify why you believe the amount should not be capped at that number?

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