I was self employed for the first half of last year and then became an employee of a firm in the second half of the year. I contributed $11,500 to my employer's 401k and I am trying to calculate my individual 401K contribution while doing our taxes through Turbo Tax. TT's maximize the contribution function can't take into account the $11,500 I have contributed elsewhere and is overstating my allowable contribution. If my self employed "income" is $16,400 after expenses and deducting half of my self employment tax, I have estimated my allowable contribution as $6,000 employee and $4,100 employer - does that seem logically correct?
Can I also make a SEP contribution or is that double dipping?
thanks!