I did a test case in TurboTax for someone with a birthdate of January 1, 1962 and confirmed what you saw, which is that the software applied $31,000 as the upper limit for the 401(k) contribution.
I tried another test case in TurboTax for someone with a birthdate of January 2, 1962 and it correctly applied the $34,750 limit for the enhanced catch-up contribution.
IRS regulations will commonly consider January 1 to be the end of the prior year - one such provision is someone turning 65 on January 1, 2026 may file a 1040-SR return for 2025 and also be eligible for the additional standard deduction at that age. Because of that, it's entirely possible that someone born on January 1, 1962 may be considered to be 64 years old in the eyes of the IRS. If this is true, then the limit stated in the TurboTax software for contributions would be correct.
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