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dbled55
New Member

Why does this program only allow 6500 into a 401k when in fact this year is 18000 can be deferred this year?

 
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PaulaM
Expert Alumni

Why does this program only allow 6500 into a 401k when in fact this year is 18000 can be deferred this year?

What section are you in?

You don't enter 401k contributions into TurboTax anywhere. Your 401k contribution has already been recorded in Box 12 code D on your W-2. If you made contributions through your employer, then entry of your W-2 is all that is needed.

IRA contributions are entered in the retirement section, not 401K's. IRA's have contribution limits of $5,500 ($6,500 if over 50).

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PaulaM
Expert Alumni

Why does this program only allow 6500 into a 401k when in fact this year is 18000 can be deferred this year?

What section are you in?

You don't enter 401k contributions into TurboTax anywhere. Your 401k contribution has already been recorded in Box 12 code D on your W-2. If you made contributions through your employer, then entry of your W-2 is all that is needed.

IRA contributions are entered in the retirement section, not 401K's. IRA's have contribution limits of $5,500 ($6,500 if over 50).

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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