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Retirement tax questions
$23,000 on line 9 is correct. This line on TurboTax's worksheet is for the 2024 statutory limit.
TurboTax's worksheet operates a bit differently than the worksheet from Pub 560 so as to support TurboTax's Maximize function for an individual 401(k) contribution. Part III of TurboTax's worksheet is used to calculate the maximum permissible contribution, which is why $23,000 appears on line 9. Your actual contribution is compared to the maximum permissible contribution that was determined in Part III to determine the deductible amount that appears on line 2 of Part IV of TurboTax's worksheet.
March 10, 2025
5:44 AM