I contributed $22,004 to my 401K in 2024. I am 51 years old. TurboTax is telling me I overcontributed by $14,004. This doesn't sound right and I'm not sure what to do.

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I contributed $22,004 to my 401K in 2024. I am 51 years old. TurboTax is telling me I overcontributed by $14,004. This doesn't sound right and I'm not sure what to do.

It sounds like you are accidentally entering your 401(k) contributions in the interview where it asks for IRA contributions. ‌IRA contributions had a limit of $8,000 for those 50 and over in 2024. This is the difference you are seeing ($22,004-$8,000=$14,004). You should only report IRA contributions in the IRA section. 401(k) contributions are entered via your W-2 entry.

I contributed $22,004 to my 401K in 2024. I am 51 years old. TurboTax is telling me I overcontributed by $14,004. This doesn't sound right and I'm not sure what to do.

And to be clear, a 401(k) is not an IRA.

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