Getting an error message that I contributed too much to 401ks. Got a 403B with employer and a 401K/TSP with the Army Reserves. I contribute to both.

13 replies
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I've always contributed to both.

TurboTax Online

dmertz

Level 15

Ignoring any special catch-up contributions permitted to a 403(k) for employees with 15 years or more of service, the employee deferral limit is a limit on the combined total of employee deferrals to all of these plans. For someone under age 50 the combined total is not permitted to exceed $22.500 for 2023 and for someone age 50 or over the total is not permitted to exceed $30,000 for 2023.

If you made a special catch-up contribution to the 403(b), TurboTax doesn't know that the special catch-up contribution is permitted and will erroneously flag the special catch-up as an excess contribution.

4lunaticsAuthor

Level 2

The 2023 combined limit for 50 and over is $73,500. I have an employer 403B and a military TSP, 401K. So I can contribute the max under both without an error. The software is wrong!

dmertz

Level 15

Without being eligible to make a special 403(b) catch-up contribution of $43,500 (or maybe a make-up contribution under USERAA, reported in box 12 of your Form W-2 with a year designation next to code D or code AA), there are no circumstances where the combined limit for 2023 is $73,500. The maximums are as I stated.