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tenor67BU
Returning Member

When will the 401K self-employed maximum deduction calculation be fixed?

Every year I have to go through hoops to get Turbotax Home & Business to correctly calculate my self-employed contribution. I am over 50, self-employed with no employees. According to the IRS and Fidelity's tax department, I have been allowed to contribute up to $24,000.00 in past years. According to the current IRS page, the maximum contribution is $25,000.00 this year.  I contributed $20,000 in 2019, but the app flags that as an error, stating that I can contribute a maximum of only $19,000.00. Last year, I had to contact one of TurboTax's "experts" to solve the same problem. He was stumped for a while, but finally got back to me with the correct method for entering my contribution amount. Furthermore, he said that Turbotax needed to fix the problem. I'm getting a bit frustrated. 

Thanks for any help!

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2 Replies
VictoriaD75
Employee Tax Expert

When will the 401K self-employed maximum deduction calculation be fixed?

Thank you for your feedback. I have tested this issue and requested that it be reviewed further. 

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tenor67BU
Returning Member

When will the 401K self-employed maximum deduction calculation be fixed?

Thank you for replying. I'm looking forward to an answer. 

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