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Sunny59
New Member

Turbo Tax incorrect response for solo 401 k

Hi

My wife and I total income from 1099NEC for 2024 is $24,000. My wife portion is $14,000. She has a solo 401k with Fidelity. We wanted put $12000 or so in her solo 401k account. However Turbo Tax tell us that the maximum she can defer is $8077. I know the limit is $23,000 for 2024.  Additionally she can put another 25% of the net income into her tax deferred account. 

Since I am over 60, I did a Roth IRA conversion to the tune of $50,000 in  2024. I don’t think this Roth conversion had anything to do with TT restricting the amount to $8077. 
Why is Turbo Tax misleading? How can I correct this? We wanted to put $12,000 into her solo 401k account. Please help. 

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1 Reply
KeshaH
Employee Tax Expert

Turbo Tax incorrect response for solo 401 k

If you'd like, we can look at your return and see exactly what you see to  help come to a resolution. The return will be scrubbed and won't include any of your personal details.

 

If you're using TurboTax Online:

Once you're logged in to your account,

- on the Tax Home page, click Review/Edit or Pick up where you left off on any of the tax return topics to open your tax return

- on the left hand panel, click on Tax Tools and then choose Tools

- on the pop up window, select Share my file with Agent

- you'll see a message saying you'll give us a copy of your tax return. Your personal information will be changed so we can't see any private information.

- click okay and you'll get another message with a token

 

If you're using TurboTax Desktop:

  • Click on Online in the top menu of TurboTax Desktop for Windows
  • Select 'Send Tax File to Agent'
  • Write down or send an image of your token number and state then place in this issue.
  • We can then review your exact scenario for a solution

 

Please reply to this message with your token so that we can further assist you. Let us know all the states, if any, are included on the return.

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