I am self employed and have a solo 401K at Fidelity. I am 61 years old. Therefore, the maximum of 401K contribution should be $34,750 for 2025. However, turbo tax still shows my maximum contribution is $31,000. It does not know that for people of age between 60 and 63, the catch up is 11,250 instead of 7,500.
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there is a new update today. After I installed the new update, it seems that the issue is partially resolved. It indicated that the maximum deduction is 34,750. However, in the later calculation, it still shows the maximum deduction is 31,000 and I am not sure if the Maximum allowed for qualified plans number is using 34,750 or 31,000. See the attached screenshots.
[PII removed]
I see the same thing in my version of Desktop. The updated catch-up contribution amount is being used in the calculation. It's just the Note on the same screen that still shows $31,000. I will report this issue for further review.
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