I have an employer sponsored 401k, my wife is unemployed, we file jointly, and are both over 50. I understand the 401k contribution limit is $14k/year (2021) in this case regardless if both spouses work or not. When I enter the contributions to the 401K as coming solely from me I'm limited to $7k. When I spread the contributions evenly between my wife and I, we're allowed the $14k limit.
As we are filing jointly, is spreading the contribution between us the the proper way to reflect the 401k contribution? Otherwise, how can raise the contribution ton the $14k limit?
The problem is not the deduction (that I don't qualify for) it's that TurboTax is telling me I've made excess contributions. I think I should be able to contribute up to $14k.
