TT claims overcontribution to 401k on self-employed K1 entry

I entered my information just like last year: the base 23000 (last year was 22500) and the 7500 extra because I'm over 50. But this year it's claiming this is an excess contribution and wants to recognize only 20541 of this amount. How do I see what this is based upon? My K-1 income increased from last year, so that shouldn't be the problem.

689

Expert Alumni

Apr 7, 2025 6:38:06 PM

If you're using TurboTax Desktop, make sure your program is updated. You can do a Manual Update.

If this doesn't resolve the error, go back to your K-1 entry and enter $0 in Box R on the K1 and Report $23,000 on line 6a and $7500 on line 6c of the worksheet.

If you're using TurboTax Online, clear your Cache and Cookies and step through the section again.

Let us know if it doesn't resolve for you.

Here's more info on Entering a Solo 401K Contribution.

@dd8840

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TT claims overcontribution to 401k on self-employed K1 entry