vhall9000
Level 1

Self Employed Retirement Plans Maximum Incorrect

I am attempting to enter my contributions to a self employed / individual 401k.  The IRS says maximum allowed for someone over 50 is $57,000+$6,500 = $63,500.  Turbo Tax is limiting it at $63,000.  Also, there are a number of dialogs and help messages that refer to a maximum employee contribution of $25,000 when it is now $26,000 for folks over 50.  This is wrong.

 

" $19,500 in 2020 and 2021, or $26,000 in 2020and 2021 if age 50 or over; "

"Total contributions to a participant’s account, not counting catch-up contributions for those age 50 and over, cannot exceed $57,000 (for 2020; $58,000 for 2021)."