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New Member
posted Feb 10, 2025 8:40:51 AM

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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2 Replies
Expert Alumni
Feb 10, 2025 9:21:09 AM

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.

 

 

 

Level 15
Feb 10, 2025 1:43:22 PM

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