Currently the software displays an diagnostic message:
The taxpayer's 401(k) contributions exceed the $20,500 limit. The excess amount may need to be added to wages. Refer to Form 1040 instructions for more information. The taxpayer's excess 401(k) contributions can be entered in "Excess salary deferrals"
which is good. I propose it also display the excess amount, and better yet, add the amount automatic as excess salary deferral.
Yes, I can calculate the amount myself but we should automate as much as possible to save time and avoid human error.
Same with HSA over contributions, and possibly others.
Anonymous
06-29-202301:11 PM
06-29-202301:11 PM
Thanks for the idea to populate excess amount of contributions in diagnostic & automate amount in "excess salary deferrals". We are changing the status to "Open for voting" since it is no longer considered "New".
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