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Level 4

Question

Excess Contribution to Solo 401k

Forum|Forum|6 years ago
March 4, 2020
1 reply
0 views

Hello, I am getting a message from TurboTax that I've made excess contributions to my Solo 401k. However, the amount that I've entered into TurboTax as employee and employer matching contributions does not, as far as I understand it, exceed 2019 contribution limits. I have limited the employee contributions to my net income (which is less than $19,000) and the employer contributions to 20% of that income (total is less than $56,000). What might be going on?

TurboTax Home & Biz Windows

Level 15

Can I contribute more than I make to the Solo 401k?

No, your contribution limits are based on what you’re earning in your business. You cannot contribute more than you earn, but you can contribute a large chunk of what you earn to get more money into your Solo 401k plan.

rynleeAuthor

Level 4

I did not contribute more than I earned, but am getting the message from TT nonetheless.

rynleeAuthor

Level 4

I was able to resolve this issue. thank you.