Question
Error report: 2025 contribution level for 401(k) is wrong, still shows 2024 limit
Unless I'm reading this wrong, the 2025 limit is still showing the 2024 numbers. To wit:
The 2025 max 401k contribution limit is $23,500 employEE contribution + $46,500 employER contribution for total of $70,000. Plus, an additional catchup of $7,500 for those age 50-59.
I enter this information and then get told we "can defer a maximum of $30,500 to a 401(k) plan" - not the $31,000 that is allowed in 2025.
On a later screen, it says "Maximum allowed to qualified plans: $76,500". And not the $77,500 that is allowed in 2025 (for those age 50-59).
While it let me enter my correct/actual numbers for 2025 (which total $77,500), it is only giving me a deduction of $76,500.
Can someone at TurboTax please investigate and address this?
