nmms
Level 5
05-11-2025
04:52 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If I want ProConnect Tax to calculate the maximum Solo 401(k) employer and employee contributions for a sole proprietor, do I enter 1 in the Profit-sharing (25%/1.25) (1=maximum) field and 1 in the Total SE elective deferrals (except Roth) (1=maximum) field as shown below?
Can you explain when to use the Profit-sharing (25%/1.25) (1=maximum) field versus the Self-employed SEP (25%/1.25) (1=maximum) field?