djnicolson
Returning Member

Retirement tax questions

Thanks for your response! I understand that TurboTax is attempting to maximize my contribution, as I requested. However, the result is that it is advising me the "Amount to Contribute by Plan Due Date" of $14,813. But it knows that I've already maxed out my $23,000 elective deferral limit for 2024 because I also made deferrals to a second 401k, which shows up on my W-2 from that job. So it would seem to be advising me to make a $14,813 employer contribution. But this would far exceed the limit for employer contributions of 20% of net earnings (Step 4 from the worksheet). Since it knows I'm ineligible for more elective deferrals, it should be advising me on the maximum additional employer contribution.