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clearskies001
Level 2
February 13, 2025
Solved

2024 401k Error

I'm over 60, for 2024 my total contribution limit is $30,500.00.  $23,000 +$7,500 according to the IRS, TT is flagging my $8,000 over my limit.  I contributed $30,500. I spoke to the "professionals" for over an hour and the basically said I'm wrong.  

 

What can I do?

    dmertzAnswer
    Level 15
    February 13, 2025

    Expert Reviewed

    Make sure that you have not entered this as an IRA contribution.  A 401(k) is not an IRA.  Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  If you have entered any of the $30,500 as an IRA contribution, go back and remove that.

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    3 replies

    dmertzAnswer
    Level 15
    February 13, 2025

    Expert Reviewed

    Make sure that you have not entered this as an IRA contribution.  A 401(k) is not an IRA.  Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  If you have entered any of the $30,500 as an IRA contribution, go back and remove that.

      clearskies001Author
      Level 2
      February 14, 2025

      Well, that took care of the penalty but my taxable income isn't showing the corresponding 30,500 reduction the 401K should have given me.

      AmyC
      AmyC
      Alumni - Intuit
      February 21, 2025

      The 401K is on your w2 and should have reduced your box 1 amount. Are you filling out business taxes? If so, what type of entity?

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