For 2024, SIMPLE IRA employee (and self-employed) contribution limit is increased to $17,600 by Secure Act 2.0. But turbotax flags any contribution more than $16,000 as an error, and reduces the deduction.
Here is the rule:
Employees may defer up to $16,000 for 2024 ($19,500 if age 50 or older), however, the annual deferral limit and the age 50 catch-up contribution amount for employees will increase by 10% of the 2024 limit for employers with no more than 25 employees.
