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Employee

Question

My Keough, SEP and Simple Contrib Worksheet is arrivg at a wrong deduction amt - it's deduct'g my max allowed solo 401k contrib and not my actl contrib. Why/how to fix??

Forum|Forum|1 year ago
February 17, 2025
1 reply
0 views

The resulting overstated deduction is flowing through to Schedule 1, resulting in understated AGI, taxable income and tax owed. Why is this schedule doing this and how do I fix without overriding?

Employee

Make sure that you have not marked the Maximize box for either a 401(k) contribution or a SEP-IRA contribution. If all else fails, delete the Keogh, SEP and SIMPLE Contribution Worksheet and reenter the amounts of your elective deferrals and employer contribution.