H&R Block 1401K Error or did I over contribute

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Topic Author
a_movable_life
Posts: 203
Joined: Tue Dec 20, 2016 9:33 pm

H&R Block 1401K Error or did I over contribute

Post by a_movable_life »

Hello:

I double checked the IRS and I thought the EmployEE max contribution for 401K plans (and I401K plans) was $19,000 for 2019.

The current downloaded H&R block program states "Don't enter more than $18,500" for "Your Elective Deferrals" which was the 2019 amount. During the schedule C/I401K part of the program. I have Schedule C earnings of more than 100K.

I called H&R Block and said "I think this is an error" and they said they would look into it. Next update passed and it's still there. I sent an email this time and asked can I talk to someone to check this and they suggested I go to a local H&R Block Store and have my taxes done. They also said I could call a third time if it's not fixed after the next update.

I hope I am doing this right and did not miss something obvious, and now have learn how reverse $500 in excess contributions. I also don't want other people to miss out on sheltering $500.
Alan S.
Posts: 9916
Joined: Mon May 16, 2011 6:07 pm
Location: Prescott, AZ

Re: H&R Block 1401K Error or did I over contribute

Post by Alan S. »

a_movable_life wrote: Sat Mar 14, 2020 9:28 am Hello:

I double checked the IRS and I thought the EmployEE max contribution for 401K plans (and I401K plans) was $19,000 for 2019.

The current downloaded H&R block program states "Don't enter more than $18,500" for "Your Elective Deferrals" which was the 2019 amount. During the schedule C/I401K part of the program. I have Schedule C earnings of more than 100K.

I called H&R Block and said "I think this is an error" and they said they would look into it. Next update passed and it's still there. I sent an email this time and asked can I talk to someone to check this and they suggested I go to a local H&R Block Store and have my taxes done. They also said I could call a third time if it's not fixed after the next update.

I hope I am doing this right and did not miss something obvious, and now have learn how reverse $500 in excess contributions. I also don't want other people to miss out on sheltering $500.
The statutory 402g limit for 2019 is 19,000. Are you sure you didn't download their 2018 program in error?
Topic Author
a_movable_life
Posts: 203
Joined: Tue Dec 20, 2016 9:33 pm

Re: H&R Block 1401K Error or did I over contribute

Post by a_movable_life »

H&R BLOCK Tax Software Deluxe + State 2019 Windows - Download

Is the version for 2019 taxes right? I followed the usual "Fee Fidelity Turbo Tax" and "Black Friday posts."
jdilla1107
Posts: 849
Joined: Sun Jun 24, 2012 8:31 pm

Re: H&R Block 1401K Error or did I over contribute

Post by jdilla1107 »

I saw this at one point too. However, the program let me enter 19,000. Then after an update a few weeks ago, the number was corrected in the text to 19,000. So, i believe the error was only limited to what was written in the instructions. (It's also currently fixed in my version, I belive)
Topic Author
a_movable_life
Posts: 203
Joined: Tue Dec 20, 2016 9:33 pm

Re: H&R Block 1401K Error or did I over contribute

Post by a_movable_life »

jdilla1107 wrote: Fri Mar 20, 2020 2:00 pm I saw this at one point too. However, the program let me enter 19,000. Then after an update a few weeks ago, the number was corrected in the text to 19,000. So, i believe the error was only limited to what was written in the instructions. (It's also currently fixed in my version, I belive)
Maybe I need to update again. Maybe they read my email?
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