Has anyone found that 2020 Turbo Tax is only allowing $19,000 and $6,000 individual limits to a 401K (2019 limits) when all the documentation says that 2020 should be $19,500 and $6,000 respectively? How do you get the correct 2020 limits to be accepted in the 2020 version (per pub 560)?
Please see the link below that explains eligibility for the 2020 Solo 401K limits at 2019 levels:
If you have additional questions, please reach out to us.
Please see the link below that explains eligibility for the 2020 Solo 401K limits at 2019 levels:
If you have additional questions, please reach out to us.
Sorry, this link does not answer the question - The reference explains the limits - which are not in question. Where the limits discussed in the reference are correct - the issue is that Turbo Tax (Home & Biz) is computing worksheets that are implementing the 2019 limits for the Solo 401K - not the 2020 limits that should be used.