turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

rodom
New Member

Why will the system not accept my additional 401K deduction? I

I am filing jointly.  My income is 83,227 and my wife is 52,241.  I own the 401K and want to make a $2,000 contribution.  The system is telling me my AGI is too high.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Why will the system not accept my additional 401K deduction? I

If you're covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction.

Married filing jointly and

Your Modified AGI Is.

$101,000 or less

a full deduction up to the amount of your contribution limit.

 more than $101,000 but less than $121,000

  a partial deduction.

 $121,000 or more

 no deduction.


View solution in original post

3 Replies

Why will the system not accept my additional 401K deduction? I

The W-2 has marked a retirement plan at work.

Why will the system not accept my additional 401K deduction? I

Box 13 on the Form W-2 you receive from your employer should contain a check in the “Retirement plan” box if you are covered. If you are still not certain, check with your (or your spouse’s) employer.

The limits on the amount you can deduct don’t affect the amount you can contribute. However, you can never deduct more than you actually contribute.

Why will the system not accept my additional 401K deduction? I

If you're covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction.

Married filing jointly and

Your Modified AGI Is.

$101,000 or less

a full deduction up to the amount of your contribution limit.

 more than $101,000 but less than $121,000

  a partial deduction.

 $121,000 or more

 no deduction.


message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies