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Level 2
Apr 7, 2024 4:15 PM UTC
Solved

401K contribution

I am filing a married joint return, we are both over 50 & out combined 401k contribution is $51,594 in 2023. Turbo tax is sayin this is over by $21,594. Why? I thought $30K was the limit per individual?

    dmertzAnswer
    Level 15
    Apr 7, 2024 4:51 PM UTC

    Expert Reviewed

    Somehow you've indicated that the entire $51,594 was contributed to only one individual's 401(k).  When entering Forms 1099-R, make sure that, on the page that asks, you have indicated the correct individual to whom the W-2 being entered was issued.

    2 replies

    dmertzAnswer
    Level 15
    Apr 7, 2024 4:51 PM UTC

    Expert Reviewed

    Somehow you've indicated that the entire $51,594 was contributed to only one individual's 401(k).  When entering Forms 1099-R, make sure that, on the page that asks, you have indicated the correct individual to whom the W-2 being entered was issued.

    pizza ianAuthor
    Level 2
    Apr 7, 2024 6:16 PM UTC

    Perfect! TY.