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?

258

Level 11

Jun 3, 2019 11:52:23 AM

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.

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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?