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

dbled55 · ‎May 31, 2019

PaulaM · ‎May 31, 2019

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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View solution in original post

PaulaM · ‎May 31, 2019

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