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Retirement tax questions
TurboTax is unable to flag an excess elective deferral to a 457(b) because 457(b) plans allow special catch-up contributions that you may or may not have been eligible to make. If you don't qualify for any of the special catch-up contributions, yes, you also have an excess contribution to the 457(b) plan. 401(k) plans allow no similar special catch-up contributions, so TurboTax is able to detect when you have made an excess elective deferral to a 401(k) plan.
TurboTax does not automatically add detected excess contributions to income, you must do that yourself as Other income.
March 20, 2023
12:29 PM