New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

How do I include an elective deferral in the calculation of a self-employment retirement plan deduction?

Answer

If contributions are made on behalf of an employee in the form of an elective deferral, mark the Include elective deferral in computing maximum allowable contribution field in Screen Keogh. UltraTax CS assumes the maximum elective deferral amount of $18,000 for 2022 when calculating the allowable contribution. UltraTax CS automatically reduces the $18,000 maximum by any contributions entered in Screen W2 or in a separate Keogh screen made on behalf of the same individual.

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