Retirement account contribution limitations in Lifetime planner

LeaningTower

I might already know the answer to this one, but I'd like to avail myself of the vast expertise available in this community

But first, a couple of preliminaries: using Quicken Classic Premier R58.9 build 27.1.58.9 on Win10Pro system

I can't get Quicken's Lifetime Planner to show more than $44,000 of annual contributions. My total contributions limit for 2024 should be $76500. This is includes all available catch-up provisions, based on applicable IRS rules for my age, employment and accounts to which I have access, which includes: 457, 401k, 403b. All of these accounts are recorded in my Quicken file.

This year I'm on track to contribute over $60,000 and for the next couple of years I project contributing over $70,000/yr.

Obviously, this artificially low limit of $44000 is skewing my results. Any ideas on why Quicken is only recognizing $44000? And, more importantly, how to correct this?

(I'm not even getting into the topic of why Q does not recognize the tax ramifications and RMD distinctions of Roth accounts in this thread. Although it sometimes makes me 🤢 and makes my <insert head-exploding emoji here>!

mshiggins

The annual contribution limits for IRAs, 401(k)s, and similar tax deferred accounts have been out of date or just plain wrong for a long long time. The workaround is to do two contributions instead of one. For example, if you want the contribution to be $30,000, do two contributions of $15,000.