@kfsandrock wrote:
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?
That is reported on your W-2 and nowhere else. It is NOT an IRA contribution. If you entered it in the IRA contribution interview - remove it. It is a 403(b) Designated Roth contribution - not an IRA contribution.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
