There is nothing wrong with that contribution. You are qualified to contribute. If you are 50 or older, you can contribute a maximum of $26,000 into these tax-advantaged accounts in 2020. Your contribution is well in range. That amount would have been excluded from Income Tax.If you have additional questions please clarify your concern.

Question

I'm 63 and last year I contributed $17,474.69 to employee 401k

Forum|Forum|5 years ago
March 1, 2021
1 reply
0 views

No text available

TurboTax Self Employed Online

JohnB5677

There is nothing wrong with that contribution.

You are qualified to contribute.
If you are 50 or older, you can contribute a maximum of $26,000 into these tax-advantaged accounts in 2020.
Your contribution is well in range.
That amount would have been excluded from Income Tax.

If you have additional questions please clarify your concern.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"