turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I have 2 w2s imported to turbo tax with all of section 12's info populated. I got a message my deferral exceed the $18500 allowed. How do I fix it to file?

I have 2 w2s which I imported to turbo tax.  I confirmed the entries were correct on both w2s under section 12.  When I went to e-file, I received a message that the elective deferrals total $23,401 and is more than the $18,500 allowed for a 401k plan.  What do I need to do in-order to file? 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
maglib
Level 11

I have 2 w2s imported to turbo tax with all of section 12's info populated. I got a message my deferral exceed the $18500 allowed. How do I fix it to file?

is this 2 different jobs or is it that it is for 2 different states and double counting the federal income then?   If you confirm that, your issue is 1 job didn't know about the other and you overcontributed to your 401k.  You will have to contact the administrator of the plan and remove the overfunded principal and related income/loss out this year.  You will then get a 2018 1099 related to this but, sadly too late to report it.  You will have to adjust your return this year to report the return of principal as otherwise you will have to amend when you get the 1099 for the return of contribution. 
See this TT link for more details:
 https://ttlc.intuit.com/questions/4698409

I am not a TT employee, I hope this helped.
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer"
I am NOT an expert and you should confirm with a tax expert.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies