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posted Jun 6, 2019 8:27:58 AM

Keogh/SEP/SIMPLE Cont Wksht: "Line 6a, elective deferrals to Individual 401k plans should not be greater that 18000" But I am 59 years old so it should be 24000, right?

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Level 15
Jun 6, 2019 8:28:00 AM

TurboTax requires the $18,000 of regular elective deferral and the $6,000 of catch-up elective deferral to be entered on separate lines.  Go back to the Individual 401(k) section of the interview to make the correction by splitting the original $24,000 entry.

1 Replies
Level 15
Jun 6, 2019 8:28:00 AM

TurboTax requires the $18,000 of regular elective deferral and the $6,000 of catch-up elective deferral to be entered on separate lines.  Go back to the Individual 401(k) section of the interview to make the correction by splitting the original $24,000 entry.