401-K contribution

Forum|Forum|4 years ago
March 30, 2022
1 reply
7 views

Hi all-I really need a help. Client has $10500 D in W-2 box 12. Based on Max contribution for 2021 for 401-K, $19500, or $20500 for 2022, when I enter the rest of max to 401K worksheet with checked box to create max; nothing happens at the end of worksheet.

ProSeries Professional

This topic has been closed for replies.

sjrcpa

Level 15

They can't make any more 401(k) contributions unless they are self-employed and their Schedule C business has a 401(k) Plan.

The more I know the more I don’t know.

HOPE2Author

Level 7

Thanks, but in ProSries Personalized$ Tax Advice page says: you can contribute up to $20500. I am really confused it means if in W-2 already has been contributed $10300 client can make a contribution $9987.

dd4vols

Intuit Community Champion

His contribution is limited to his workplace because he is an employee (not self-employed). He could contribute up to 20,500. but it has to be as a part of payroll deductions IF HE IS NOT SELF_EMPLOYED. It's his fault that he did not contribute the max thru his workplace, not yours, and certainly not changeable at this time. If you don't understand this basic fact, then you probably, and I'm serious, should not be preparing tax returns for others.

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