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Retirement tax questions
Hi, thanks for the response. I understand what the maximum amount is both as an individual and an employer. My question/concern is how TurboTax is calculating the "Amount to Contribute by Plan Due Date". In my example the employee has contributed $20K and an employer match of $20K was made. This brings the total to $40K. The "Maximum Allowed to Qualified Plans" is $37,904. If you subtract $40K from the $57, 904. then shouldn't the "Amount to Contribute..." be $17,904? Yet TurboTax says $37,904.
‎June 6, 2019
10:36 AM