Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Roth solo 401k

Level 1

solo Roth contribution entered Part 1 on line 7a and 7c - 19,500 and 6,500

Part III line 9 and line 17 indicates max contribution for each is 19,500 and 6,500

line 20 is calculated to be 25,000 (not 26,000)

Instructions for line 9 and 17 indicate max contribution is 19,500 and 6,000 (not 6,500)

Why discrepancy on worksheet and instructions?

The max contribution is 26,000 if over 50 - yes?

Labels (1)
0 Cheers
7 Replies 7
Level 15

Part 1 or III, line 7a or 9 or 17 or 20 of Which form, worksheet or return? Where are you working? Solo Roth for Sched C person?

More details should would help give some perspective. Thanks.

*******************************
"Level Up" is a gaming function, not a real life function.
0 Cheers
Level 1

Sorry

Schedule C. Keogh/SEP  worksheet

Part 1

Entered line 7a 19,500 7c 6,500 = 26K line 7d

Part III

line 20 shows allowable elective deferral = 25K. Why not 26K?

Plus instruction discrepancy as previously stated. 

 

 

0 Cheers
Level 15

You might find this helpful:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/deductible-simple-contr...

 

*******************************
"Level Up" is a gaming function, not a real life function.
0 Cheers
Level 15

As reference, here is the listing by year:

contributions limited to $19,500 in 2021 and in 2020 and $19,000 in 2019 (plus an additional $6,500 in 2021 and in 2020 and $6,000 in 2019 for employees age 50 or over).

Let's try for @SDJayhawk 

For a scheduled updated release date.

*******************************
"Level Up" is a gaming function, not a real life function.
0 Cheers
Level 1

???

I know the limits for 2020 - $26K

Why is the program showing it as $25K?

0 Cheers
Level 1

OK - that answers it.

0 Cheers
Employee
Employee

Thanks for reporting the issue.  Verified that the development team is aware and the fix will be released in the near future.

0 Cheers