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?
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.
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.
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.