I thought there was a Free Tax USA sub – I was going to ask there.
I'm a sole prop with a Solo 401k. I am trying to figure out if FTUSA (or any other tax software) calculates the allowable contributions to the Solo 401k (employer and Employee contributions)?
I read somewhere that FTUSA does NOT calculate this (and therefore you could enter whatever number you wanted and it wouldn't tell you if you contributed too much).
Does anyone know anything about this? Thank you in advance.
FTUSA – calculating Employer and Employee Solo 401k contributions
byu/Salty-Passenger-4801 intax
Posted by Salty-Passenger-4801
1 Comment
FTUSA doesn’t tell you what the limit is, but it does limit the deduction to the correct amount, so you can kinda sorta infer it from that.
This calculator is pretty good, and actually explained one limit that I was confused on for a while: https://obliviousinvestor.com/solo-401k-contribution-calculator/