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I'm having a hard time figuring out how add my 401(k) contributions to my taxes. It keeps saying that I make too much money, but I've never had this issue before

I've never made the maximum amount that I am allowed to make in order to qualify for this tax break.  I have always made above this and have always been able to claim it
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3 Replies
PaulaM
Expert Alumni

I'm having a hard time figuring out how add my 401(k) contributions to my taxes. It keeps saying that I make too much money, but I've never had this issue before

What section are you in?

You don't enter 401k contributions into TurboTax anywhere. Your 401k contribution has already been recorded in Box 12 code D on your W-2. If you made contributions through your employer, then entry of your W-2 is all that is needed.

IRA contributions are entered in the retirement section, not 401K's. IRA's have contribution limits of $5,500 ($6,500 if over 50).

Do visit the retirement section to see if you are eligible for the Retirement Savings Contribution Credit. Your 401k qualifies, but there are other requirements to meet as well.

https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/What-Is-The-Savers-Credit-/INF15617.html

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Anonymous
Not applicable

I'm having a hard time figuring out how add my 401(k) contributions to my taxes. It keeps saying that I make too much money, but I've never had this issue before

What if I got a K-1 instead?

I'm having a hard time figuring out how add my 401(k) contributions to my taxes. It keeps saying that I make too much money, but I've never had this issue before

If you received a Schedule K-1, it must show with code R in box 13 the total amount of contributions made through the partnership and with code A in box 14 your Net Earnings (Loss) From Self-Employment.

 

Follow the steps below to enter or edit your self-employment retirement contributions in TurboTax Online

  1. Sign in and click on Take me to my return.
  2. Click on Federal (left menu)
  3. Click on Income & Expenses (top menu)
  4. Scroll to Other Business Situations, see image attached
  5. Click Revisit next to Self-Employed Retirement Plans

@Tsr007

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