monicac
Level 4
06-15-2020
11:52 AM
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Thank you for your response.
They are both owners. In the basic Proseries version on the Keogh, SEP and SIMPLE contribution worksheet there is a place to check if you want the system to compute the maximum deductible contribution for a 401K, which I did.
When I did the final review, I got the error which was my previous question. Even though it does not say anything about 401k the $77,059 is the amount of both of their allowable deductions. I just need to answer the question from above in order to clear the error. I am assuming it is the total amount, because he also gets a W-2 from another company and this contribution is not in regards to those earnings.