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Roth 401K entry in Turbotax
I understand Roth IRA and Roth 401K are similar expect for contribution limits. In trubotax there is no option to enter your Roth 401K contributions, only Roth IRA and Traditional IRAs.
If I go ahead and select Roth IRA in trubotax and enter my roth 401K contribution with max limit of 19,500, I get penalized, the reason is that turbotax/irs has a limit of $6000 for Roth IRA so it thinks I went over my contribution limit but I did not since it's roth 401k.
Am I doing something wrong? Does turbotax have this option to enter your Roth 401K contribution (also called solo 401K).
Thanks.
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‎April 8, 2021
3:47 PM