Hello - husband had a sole prop for the month of January 2023, and then February 1st changed to an LLC/S corp. He had a solo 401k and continued contributing to that during the year. When filing our personal taxes via turbotax, it's triggering an excess contribution alert. I'm assuming this is because we contributed $21k to the solo 401k but only earned 16k during the month of January, so it's in excess of his income. Does that sound right? What are my best options at this point? Can I change the excess 5K to 2024? Or change it to an employer contribution (not sure if that will address the problem)?
ETA: Is this an actual problem or is it just a turbotax quirk? I can adjust it if it's a turbotax quirk, but wondering if I need to do anything in real life.
ETA: Is this an actual problem or is it just a turbotax quirk? I can adjust it if it's a turbotax quirk, but wondering if I need to do anything in real life.
Statistics: Posted by jenig0013 — Fri Mar 01, 2024 8:46 pm — Replies 1 — Views 203