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Question

I contributed $22,004 to my 401K in 2024. I am 51 years old. TurboTax is telling me I overcontributed by $14,004. This doesn't sound right and I'm not sure what to do.

Forum|Forum|1 year ago
February 10, 2025
2 replies
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It sounds like you are accidentally entering your 401(k) contributions in the interview where it asks for IRA contributions. ‌IRA contributions had a limit of $8,000 for those 50 and over in 2024. This is the difference you are seeing ($22,004-$8,000=$14,004). You should only report IRA contributions in the IRA section. 401(k) contributions are entered via your W-2 entry.

Employee

And to be clear, a 401(k) is not an IRA.