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For older workers 50 and up, additional catch-up contributions are permitted. Catch up contributions are additional elective contributions older workers can make on top of the $18,500 every eligible worker can invest. In 2017, older workers were allowed to make catch-up contributions of $6,000. This amount did not increase in 2018, so workers 60 and over will be allowed to contribute a maximum of $24,500 in elective contributions in 2018, compared with $24,000 in 2017.
Hi smperry,
When entering a contribution to an individual 401k, and you are over 50 and made a catch up contribution, you need to enter the elective deferral amount and the catch up contribution amount separately. To do so in TurboTax Self Employed:
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