Thank you for that. The token number is 1274454
The issue is my wife's W-2 Box 12 E-Elective deferrals to 403(b) is $33,500
I get the error message that says "The maximum salary deferral retirement plans for 2024 is $30,500." It then points me "Read IRS Publications 560 Retirement Plans for small business". Apparently TurboTax also generated Form 5330 for the excess contribution of $3,000.
The correct IRS Publication is 571 Tax-Sheltered Annuity Plans (403(b) Plans For Employees of Public
Schools and Certain Tax-Exempt Organizations. 4. Limit on Elective Deferrals
The general limit for 2024 is $23,000
The 15-years of service catch up is $3,000
The 50 or over make-up contribution for 2024 is $7,500
Total allowable 403(b) for 50+ with 15 years of service is $33,500.
TurboTax is not picking up that the deferral is into a 403(b) nor the 15-years of service catch up of $3,000.
Thanks again.
