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Retirement plan contribution limit

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Retirement plan contribution limit

SamTrinh

When client had maximum deferral on W2, it's helpful for Lacerte to give warning about excess contribution amount.  For example, client deferred $30k from W2 wages, and had $270k of net business income.  When Lacerte calculate the maximum contribution for the solo 401k plan, it showed $52k as deductible contribution. This resulted in $16k excess contribution because for tax year 2023, the annual limit was $66k.

Thanks.

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