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posted Apr 2, 2022 10:20:27 PM

I check "maximum contribution to Indiv. 401k" and Turbotax then calculates 64500 for me, but when I go through the federal check it says I'm limited to 19500. Why?

I then try 32000 and I get the federal check of 19500 as well. I am over 50 so I at lest get 26000

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1 Replies
Level 15
Apr 3, 2022 4:12:55 AM

If you are referring to a SOLO 401K  then don't get the employee and the employer's  maximum allowed  contributions mixed up ...  https://www.fool.com/retirement/plans/solo-401k/contribution-limits/

 

You are asking from TT Live, for which you paid extra. Please contact a rep.
https://ttlc.intuit.com/questions/4124827-how-do-i-connect-with-a-tax-expert-in-turbotax-live