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Level 3
posted Nov 15, 2024 11:52:49 AM

2024 401(k) elective deferral maximum

I downloaded the new 2024 Home & Business software, and I've ALREADY found an error!!  I tried to enter my elective 401(k) deferral amount for the year, of $23,000 (which is increased from $22,500 for 2023). But it gave me an error message, saying that my entry could not be more than $22,500!  Still living in the past, are we, Turbotax??

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1 Replies
Level 15
Nov 15, 2024 12:08:32 PM

The "beta" version of the desktop software that was just released will undergo many updates in the next couple of months, so be patient and watch for those updates.   The version that comes out when the software is newly released is never fully updated or accurate; and in many cases you have to wait for federal forms to be updated and released by the IRS as well.