turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

dgavitt1
New Member

My 401K contributions are being added twice in the software?

My 401K contributions are being added twice in the calculations even though my W2 is correct. The software thinks that I over contributed by $31K.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

My 401K contributions are being added twice in the software?

It seems doubtful that mistakenly entering the 401(k) contribution as an IRA contribution would be the cause since, unless the amount in box 1 of the W-2 was zero, the excess IRA contribution calculated would be less than $31,000.  It seems more likely that a second W-2 showing a $31,000 401(k) contribution has been entered, the code-D item in box 12 has been entered twice, or there is a $31,000 code-AA item in box 12 of the W-2 in addition to the code-D item. (The sum of employee deferrals to all of the individual's 401(k), 403(b) and federal TSP plans is not permitted to exceed $31,000).

View solution in original post

2 Replies

My 401K contributions are being added twice in the software?

Your 401(k) contributions are on the W-2 you received from your employer, in box 12 with a code of D.  Those contributions are NOT entered anywhere else on your tax return.

 

If you entered the 401(k) contributions in the section for reporting IRA contributions, delete those entries.

dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

My 401K contributions are being added twice in the software?

It seems doubtful that mistakenly entering the 401(k) contribution as an IRA contribution would be the cause since, unless the amount in box 1 of the W-2 was zero, the excess IRA contribution calculated would be less than $31,000.  It seems more likely that a second W-2 showing a $31,000 401(k) contribution has been entered, the code-D item in box 12 has been entered twice, or there is a $31,000 code-AA item in box 12 of the W-2 in addition to the code-D item. (The sum of employee deferrals to all of the individual's 401(k), 403(b) and federal TSP plans is not permitted to exceed $31,000).

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question