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.
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.
Thank you. Where is the first screen in easy step?
It's easier to get there if you type 'self employed 401k contribution' in the Find box. No hyphen in self employed. Then select the 'jump to' link.