401k over 50 catch up contributions

Forum|Forum|7 years ago
April 14, 2019
2 replies
24 views

I am self employed and have contributed $24,500 to my 401k. I am over 50 years old. TT gave me error and said the maximum amount I can contribute is $18,500. I went to the Keogh worksheet and changed line 6a from $24,500 to $18,500 and added $6,000 to line 6c in the worksheet. TT still gives error on the now revised line 6a of $18,500. Any way to fix this and still e-file? Rather not file paper for second year due to TT glitch.

PaulaM

Alumni - Expert

Enter the amounts like shown in the picture below, with $18,500 in the deferral box, then $6,000 in the catch-up box and check the Maximize contribution to Individual 401k box.

The message 'you can defer a maximum of $18,500 to a 401k plan' is not an error on the 'Your Self-Employed Retirement Deduction' screen. Deferral's and catch-up are different things. After you enter the catchup in its appropriate box, go to forms mode and check the worksheet again. $18,500 should be on line 6a and $6,000 should be shown on line 6c. Overrides will void warranties and cause errors.