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Level 2
posted Nov 11, 2024 2:18:06 PM

2024 TurboTax has not increased the solo 401k amount from 2023

I'm in 2024 TurboTax Home & Business Desktop Windows.

Under Retirement Contributions for self employed

$73,500.00 is what it is showing for my solo 401k.   I'm over 50.

This is the 2023 limit.  It has not been increased in the software to the 2024 limit of $76,500

0 1 10394
1 Replies
Level 15
Nov 11, 2024 2:21:05 PM

Same answer as your other post.  You have to wait a little while.  The program just came out because people want to start early.  It is a very early version and won’t be fully ready until mid January.   The IRS hasn’t even approved all the forms yet for Turbo Tax to use.  There will be many updates.  They usually update on Thursdays.   If your program doesn’t automatically update you can try updating by going up to menu item Online - Check for Updates.