401K Excess Contribution

Forum|Forum|6 years ago
April 20, 2020
1 reply
1 view

I was 71 and still working in 2019. I contributed $3000 to my company's 401K (Box 12); line 12a of my W-2 has code D. TurboTax considers the $3000 an excess contribution because of my age but 401K fund says that the contribution is allowed because I'm still working and the amount is less than the limit. Whose right? If contribution is pre-tax how do I get TurboTax to treat it as such?

401K

Best answer by macuser_22

You do not enter it there. Only in box 12 on the W-2 - nowhere else. A 401(k) is NOT an IRA.

macuser_22

Alumni - Champ

Where do you see it as an excess contribution?

You did not enter it into the IRA contribution section did you? It ONLY gets entered on the W-2 section in box 12, nowhere else.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

ChamferAuthor

Level 2

When I'm editing the retirement section of deductions.

macuser_22

Answer

Alumni - Champ

You do not enter it there. Only in box 12 on the W-2 - nowhere else. A 401(k) is NOT an IRA.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**