No, the contribution to the Roth 401k shown on your W-2 won't be entered under the Deduction & Credit section. Only IRA contributions are entered in the Deduction & Credit section. A Retirement plan at work is not an IRA.
Please be aware, your Roth IRA contribution may be limited based on your filing status and income. Please see 2020 - Amount of Roth IRA Contributions You Can Make for 2020 for details.
The total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $6,000 ($7,000 if you're age 50 or older), or
- If less, your taxable compensation for the year
If you have an excess Roth contribution because your income is too high then you have two options to avoid the 6% excess contribution penalty.
Option 1: You can recharacterize the contribution as a traditional IRA by the due date.
Option 2: To avoid the 6% tax on excess contributions, you must withdraw:
- the excess contributions from your IRA by the due date of your individual income tax return (including extensions); and
- any income earned on the excess contribution.
Please comment if you like more information about either option or have any other questions.
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