Solo401K reporting issues

The maximize function calculates your maximum elective deferral for retirement contributions.  Since you are entering the employer contribution you should not be entering it in the personal section of your returns.  It is a business expense that reduces your income, not a personal deduction at this point.

You are, however, limited in the amount of the employer contribution to 25% of your business's net income and a combined limit between the SEP IRA contribution and your elective deferrals to your solo 401(k) of $61,000 for 2022.  You will need to review your Schedule C to determine the amount allowed for the employer contribution, then add that to your elective deferrals to ensure you are not over the limit for the year.

You will need to delete your SEP IRA contribution from the Personal Taxes, Deductions and Credits section and enter the amount as a business expense categorized under Other Miscellaneous Expenses.

To add Other Miscellaneous Expenses to your Schedule C in TurboTax Online you can follow these steps:

1. Within your tax return use the magnifying glass icon to search for Schedule C
2. Click the Jump to link
3. Click Edit for the line of work
4. Scroll down to Expenses and click Start or Edit if the category you want is shown
   • If you don't see the category you want listed click Add expenses for this work
   • Scroll to and mark the box for the category of expense you want to add - if you don't see it on the list, scroll down to the Less Common section and click the down arrow and show more until you do
   • Click Continue