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cover97
New Member

Turbo tax help says the ovr 50 catch up contribution limit for a self-employed individual 401k plan is $5500 but pub 560 sys its $6000. Is pub 560 right.

 
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dmertz
Level 15

Turbo tax help says the ovr 50 catch up contribution limit for a self-employed individual 401k plan is $5500 but pub 560 sys its $6000. Is pub 560 right.

$5,500 was the catch-up limit for 2014.  In 2015 it changed to $6,000 and remains $6,000 for 2016.  I'll inform the moderators of the discrepancy in the TurboTax help.

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dmertz
Level 15

Turbo tax help says the ovr 50 catch up contribution limit for a self-employed individual 401k plan is $5500 but pub 560 sys its $6000. Is pub 560 right.

$5,500 was the catch-up limit for 2014.  In 2015 it changed to $6,000 and remains $6,000 for 2016.  I'll inform the moderators of the discrepancy in the TurboTax help.

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