Deductions & credits

That's a tough one, and I'm not sure anyone can figure it out from those numbers, since they don't really make any obvious sense.  BUT some things to watch out for, (IF...if  you are talking only about a traditional 401k and not a ROTH 401k  )

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1) make sure you are using the Desktop software, and that you have run the software updates from the selections at the top of the TTX screen.

 

2)  Make sure you've entered that data ONLY as a part of your W-2 entries.  Do not ...... do not double-enter those contributions on the Deductions&Credits page as IRA contributions....401k contributions are not IRA contributions.

 

3)  If you are married, your spouse is working too, and you've entered your spouse's W-2....make absolutely sure you have not entered your spouse's W-2 as belonging to you. And then  make sure your W-2 is not entered as belonging to that spouse either, (Could also delete the spouse's W-2 and see what happens about the over-contribution).

 

4)  Delete your entire W-2, and re-enter it again.....click in another box after each box entry to make sure every value records properly.  Box 1 must be less than box 5, by at least 24985  (some other pretax things can affect box 1, so it could be more.).  Box 5 must have a value considerably  greater than 24985.

 

5) make sure box 12 on the W-2 shows a code D and 24985 as one of it's entries.

 

6) ???? go back and check the birth year you entered for yourself on the Personal Info page in the software.

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Beyond that, I can't think of much else that could be wrong.....unless you had ROTH-401K contributions, then some of the above doesn't help.   ( You did only work at one employer in 2019???  IF you had two employers and both had 401k contributions, you might exceed the limits that way...but wouldn't likely be the numbers you showed)

 

Also, you must be entering the exact data from your paper W-2 manually.....at this point in time (late Nov 2020) don't try to import a 2019 W-2 from a W-2 provider into the software.

 

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*