@Btbradford wrote:
My employer doesn’t have a way to make a 401k catchup deposit so it isn’t included on my W2. How do I enter this in TurboTax
You can't contribute to a 401(k) except via payroll deduction.
There is no special "catch up" contribution. Rather, your 401(k) contribution limit is $19,500 per year if you are under age 50, and $26,000 if you are age 50 or more. Your employer should be able to process a request to contribute more than $19,500.
Your employer's HR may have a problem making a single large lump sum contribution. You will have to work with them on this, there is no specific procedure required by law. For example, with my company, I tell them how much I want to contribute for the year, and they divide that by the number of pay periods and take the deduction. If I tell them on January 1 that I want to contribute $12,000, they will take $500 per pay period (bimonthly). If I then tell them on October 1 that I want to contribute $24,000 for the year, they will do the math and figure that since I already contributed $9000, I need to contribute $15,000 over the last 6 pay periods, which is $2,500. If my salary is only $2000 per bimonthly pay period, that's all they can take and I wind up contributing less than I wanted. I can't go back and make an extra cash payment to catch up, because the 401(k) can only be funded by payroll withdrawals process by the employer.
Does that help?
