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Miscalculation of elective deferral contributions. Code: 613 717
The highlights of limitations that remain unchanged from 2015 include the following:
The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $18,000.
However, I only contributed around $10,000 - about $8,000 less than the maximum allowed - and the TurboTax software calculated that an excess contribution and assessed a penalty.
How is this possible, and how is it corrected?
The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $18,000.
However, I only contributed around $10,000 - about $8,000 less than the maximum allowed - and the TurboTax software calculated that an excess contribution and assessed a penalty.
How is this possible, and how is it corrected?
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June 3, 2019
1:47 PM
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Get your taxes done using TurboTax
Enter items shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax. Do not enter them under Deductions & Credits. Your employer already excluded your elective deferrals from the amount reported in box 1 of your W-2.
June 3, 2019
1:47 PM