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Get your taxes done using TurboTax
Can someone tell me why TurboTax is flagging my return because I contributed too much to my Roth? I have BB coded in box 12a on my W-2 which is a Roth contribution under a 403(b) umbrella. As I understand the law, I can contribute $26,000 to my 403(b) because I am 52 years old. I've only contributed $8,947 into my Roth for 2020. It's telling me that I was only allowed to put $7,000 in my Roth and that I'm going to have to pay a 6% penalty. How do I get around this in the software because it is not correct?
May 8, 2021
5:59 PM