MinhT1
Employee Tax Expert

Retirement tax questions

If you are over age 50, you automatically have a catch up contribution of $7,500, bringing the allowed maximum contribution to your 401(k) plan to $31.000.

 

There should be no excess and TurboTax should accept your actual contribution. Contributions to your 401(k) plan are made through salary deferrals and are reported on your form W-2, box 12 with code D. They are not reported anywhere else on your form 1040.

 

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