I imported my W2 and completed the Wages & Income part under Federal Taxes. Then I got a pop-up warning saying that my contribution to retirement plan is exceeding the maximum amount ($22500 for 2023)
I am pretty sure my company's 401k Roth auto-contribution system would stop contributing to the 401k Roth once I reached the limit, so i double-checked my W2. Under segment 12, I have 3 lines:
12a: C 361
12b: AA 22500
12c: DD 8xxx
I also verified through my Fidelity NetBenefit account that I only have 22500 as employee contribution to my 401k. Am I understanding it correctly that only AA counts for my contribution to 401k Roth, thus it shouldn't exceed the max amount at all? But why TurboTax insists that I am contributing $31xxx to my 401k as total?
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Do you have more than 1 W2? Or does your spouse contribute to a 401K also? You might have entered both spouse's W2 under the same same name.
Do you have more than 1 W2? Or does your spouse contribute to a 401K also? You might have entered both spouse's W2 under the same same name.
And try deleting the W2 and entering it again MANUALLY. That may clear something out and usually fixes it.
Make sure that the code DD amount has not mistakenly been entered with code D.
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