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Level 1

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Does the individual 401k maximize contribution functionality take into account contributions I made to another employer's 401k plan during the year?

Forum|Forum|7 years ago
June 1, 2019
2 replies
32 views

No text available

TurboTax Self Employed Online

Best answer by dmertz

No, with regard to the $18,000 limit (plus $6,000 catch-up if age 50 or over), TurboTax's Individual 401(k) Maximize function cannot account for elective deferrals or Roth contributions that you made to another employer's plan. You'll have to manually calculate and enter your permissible elective deferral or Roth contribution to your Individual 401(k), then indicate that you made a contribution to a Keogh plan and mark the Profit Sharing Keogh Maximize box to allow TurboTax to calculate only the permissible employer contribution.

dmertzAnswer

Level 15

No, with regard to the $18,000 limit (plus $6,000 catch-up if age 50 or over), TurboTax's Individual 401(k) Maximize function cannot account for elective deferrals or Roth contributions that you made to another employer's plan. You'll have to manually calculate and enter your permissible elective deferral or Roth contribution to your Individual 401(k), then indicate that you made a contribution to a Keogh plan and mark the Profit Sharing Keogh Maximize box to allow TurboTax to calculate only the permissible employer contribution.

Alumni - Champ

Your employer reports 401(k) contribution in box 12 on your W-2. They don't get entered anywhere 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.**