Question
Solo 401K deduction
Hello,
Has anyone experienced a problem with the Qualified Plans Worksheet? I have a client who contributed to a Solo 401K. The worksheet on Line 21 shows a Max Qualified Plan deduction of $37K, but the Tentative deduction on Schedule 1 is only $30.5K. I know this is the combination of the allowed $23K of contribution, plus the 7500 catchup. But it doesn't seem to be taking into account the employer's portion. I've done this for several years now with the same client, and this is the first time I've had this issue.
