topic Being told I have excess contributions, but I do not. in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/being-told-i-have-excess-contributions-but-i-do-not/01/3486823#M336192 <P>In 2024, I contributed the max possible amount to my pre-tax 401k, which is $23,000. Turbotax is trying to tell me that I have an excess contribution of $16,000 and will have penalties. I don't understand where this is coming from. I very clearly entered $23,000 which came right from my W2.<span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="tt penalty.png" style="width: 999px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/46089i5C3F53B07D01E981/image-size/large?v=v2&amp;px=999" role="button" title="tt penalty.png" alt="tt penalty.png" /></span></P> Sun, 16 Feb 2025 06:27:17 GMT csno 2025-02-16T06:27:17Z Being told I have excess contributions, but I do not. https://ttlc.intuit.com/community/tax-credits-deductions/discussion/being-told-i-have-excess-contributions-but-i-do-not/01/3486823#M336192 <P>In 2024, I contributed the max possible amount to my pre-tax 401k, which is $23,000. Turbotax is trying to tell me that I have an excess contribution of $16,000 and will have penalties. I don't understand where this is coming from. I very clearly entered $23,000 which came right from my W2.<span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="tt penalty.png" style="width: 999px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/46089i5C3F53B07D01E981/image-size/large?v=v2&amp;px=999" role="button" title="tt penalty.png" alt="tt penalty.png" /></span></P> Sun, 16 Feb 2025 06:27:17 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/being-told-i-have-excess-contributions-but-i-do-not/01/3486823#M336192 csno 2025-02-16T06:27:17Z Re: Being told I have excess contributions, but I do not. https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-being-told-i-have-excess-contributions-but-i-do-not/01/3486834#M336195 <P>A 401k is NOT an IRA.&nbsp; Do not enter it under Deductions.&nbsp; Only enter it from the W2 nowhere else.&nbsp;&nbsp;</P> Sun, 16 Feb 2025 06:40:12 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-being-told-i-have-excess-contributions-but-i-do-not/01/3486834#M336195 VolvoGirl 2025-02-16T06:40:12Z