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sgeremia
Returning Member

Non-prototype 401k plan

The program does not allow me to enter my contribution numbers as they were over the programs calculation.  Additionally I could not figure out how to override the number on the form itself.  I ended up filing anyway despite my losing 6k in deductions.

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2 Replies

Non-prototype 401k plan

Non-prototype plans have the same $ contribution limits as prototype plans as specified in the Internal Revenue Code or IRS pronouncements. We don't know what type of entity the business was so can not proveide you with the $ limits.

 

howevr, for a unincorporated business the limit was probably $22,500 + $7.500 idf over age 50. 

 

 

 

sgeremia
Returning Member

Non-prototype 401k plan

Thanks for the reply MIke9241, but I didn't explain myself correctly.  I have a non-prototype 401k plan with one employee.  My TPA does the calculation for me and it was comprised of salary reduction + catchup (as I am over 50), Profit sharing, Safe Harbor and after tax.  The issue I have is the software limits me to the calculation for a solo k--- which is not me.  So I am limited to deducting what the software allows for which is lower than my actual contribution amount.  My only solution was to hopefully override the amount on the retirement plan worksheet, which again the software denied.  So I was left having to not fully deduct my contribution to my company plan.

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