topic Re: 2024 401k Error in Get your taxes done using TurboTax

2024 401k Error

clearskies001 — Thu, 13 Feb 2025 18:01:39 GMT

I'm over 60, for 2024 my total contribution limit is $30,500.00. $23,000 +$7,500 according to the IRS, TT is flagging my $8,000 over my limit. I contributed $30,500. I spoke to the "professionals" for over an hour and the basically said I'm wrong.

What can I do?

Re: 2024 401k Error

dmertz — Thu, 13 Feb 2025 18:20:31 GMT

Make sure that you have not entered this as an IRA contribution. A 401(k) is not an IRA. Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax. If you have entered any of the $30,500 as an IRA contribution, go back and remove that.

Re: 2024 401k Error

clearskies001 — Fri, 14 Feb 2025 17:10:26 GMT

Well, that took care of the penalty but my taxable income isn't showing the corresponding 30,500 reduction the 401K should have given me.

Re: 2024 401k Error

AmyC — Fri, 21 Feb 2025 18:54:01 GMT

The 401K is on your w2 and should have reduced your box 1 amount. Are you filling out business taxes? If so, what type of entity?