Error report: 2025 contribution level for 401(k) is wrong, still shows 2024 limit

[CabeF]

Unless I'm reading this wrong, the 2025 limit is still showing the 2024 numbers.  To wit:

The 2025 max 401k contribution limit is $23,500 employEE contribution + $46,500 employER contribution for total of $70,000.  Plus, an additional catchup of $7,500 for those age 50-59. 

I enter this information and then get told we "can defer a maximum of $30,500 to a 401(k) plan" - not the $31,000 that is allowed in 2025.

On a later screen, it says "Maximum allowed to qualified plans: $76,500".  And not the $77,500 that is allowed in 2025 (for those age 50-59).

While it let me enter my correct/actual numbers for 2025 (which total $77,500), it is only giving me a deduction of $76,500.

Can someone at TurboTax please investigate and address this?  

[RogerD1]

Recent software updates have fixed these issues, so you should be good to go.

[CabeF]

Great, thank you for chiming in here to address it.   On a quick glance through it does seem like this has been fixed now. Thanks again. 

[Dugshev]

I am having a similar issue with Premier.  In the Contribution Worksheet I entered $23,500 as my 401(k) elective deferrals but I get an error message that says taxpayer elective referrals to an individual 401(k) plan should not be greater than $23,500.  

I get the same error message, even if I input a much smaller number.   

TurboTax says that my software is fully up-to-date.

Any thoughts?

thanks

[DawnC]

You may have an amount already entered somewhere else on your return.   What worksheet are you entering it on?   

Elective deferrals from your W-2 are automatically captured when you enter the W-2 and do not need to be entered again.   If you are self-employed, have you entered your self-employment income?  

 @Dugshev 

[Dugshev]

it’s the “Keogh, SEP and SIMPLE contribution, worksheet.”   This is not W2 income, but rather partnership income and my K-1 reports $75,912 on line 13R and is accompanied by an attachment which breaks out that sum as being comprised of $30,912 as profit sharing contributions and $45,000 as 401(k) contributions.  I am between ages 50 and 59.

[DawnC]

That worksheet is for Schedule C filers.   You should delete or clear that worksheet and go back through the K-1 interview.   Where do I enter my K-1?

After you enter your Box 13 amount, you will choose Code R and enter the detailed amounts.   Your max elective deferrals 31K ($7500 catch-up) and the remaining 14K as employer match.  

[Dugshev]

Thanks. But those numbers add up to only $45,000.  How do I get to $75,912, which is what my K-1 line 13R shows?

shouldn’t the employer match at least equal the $30,912 profit sharing contribution?