Hi. At the end of the deductions section, TuboTax states that my wife contributed over $34,000 to her 401(k). In reality, it was more like $8K. How to correct?

[jgross36]

This error doesn't affect the actual return, but I'm concerned that next year TT will think we took an excess deferral.  it's very weird!  Her W-2 info was uploaded automatically.

[KathrynG3]

To correct the reporting of your wife's 401(k) contribution, return to the Jobs(W2) section and edit her W-2. 

Scroll down to Box 12 and check what was uploaded. 

For more information about Form W-2 Box 12 entries, see: What do the letter codes in Box 12 of my W-2 mean?

[jgross36]

Thanks very much.  I checked, and the information on Box 12 was properly uploaded (i.e., it shows the actual $8700 contribution).  So I'm unclear why I'm getting the message that the contribution was $34,000.

[SamS1]

I would recommend deleting the W2, check the 401K deduction in TurboTax, then proceed with re-entering it manually.  Do not do the import.  The $34,000 was not a 401K withdrawal on a 1099R?   After you have logged in and are in your return in TurboTax Online:

• Go to Search at the top of the screen.
• Enter Form W-2 in the search box. 
• You will see a Jump To function that will take you to the W-2 input screens. 
• There delete the W-2 in question by clicking on the trash can next to the form
• Then add a new W-2 and manually enter your W2.

At the W-2 Import screens, click "Change how I enter my form" then "Type it myself"

We don't have specific information on the income qualifications or procedures for the third stimulus payment because the measure hasn't been passed yet. However, If you had issues receiving your earlier stimulus, then the best way to ensure that you are one of the first to receive any future stimulus payments is to file your 2020 tax return as early as possible and use direct deposit so that the IRS will have your updated information. 
 
You can find the most up to date information from the IRS here, and updates from TurboTax here as they develop.

[jgross36]

Thanks very much.  I went through the issue again with a TT specialist looking at my screen and the pop-up didn't show up . .I think it must have resolved itself over the couple of days.