My wife and I are both over 60 years old, both working. She contributed 30k to a traditional pretax 401k; I am an HC employee and contributed 22,500. However, TurboTax (filing jointly) is calling out that our limit is 15k and flagging a potential penalty and a need to withdraw the excess contribution.
Have I selected an incorrect option, or is this a software issue?
There is no software error. TurboTax does not indicate any penalties even if you actually make excess 401(k) contributions, so I suspect that you mistakenly entered the 401(k) contributions as IRA contributions under Deductions & Credits and you need to remove those incorrect entries . A 401(k) is not an IRA. Enter amounts shown in box 12 of the W-2s only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.
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