Retirement tax questions

@maryd31 

 

Sounds like you made a mistake that a number of folks do.

Your contributions at work for a 401k, or ROTH 401k are to be entered ONLY when you enter the boxes on your W-2 forms.

 

You do NOT enter them as IRA or ROTH IRA contributions on the Deductions &redits page.

Why Not?   A 401k in NOT an IRA !!  Notice how they are named entirely differently?

 

By entering yoru contributions to a 401k with your W-2 entries, and then again in the IRA contribution section....you thus, effectively, double-entered them

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AN IRA account is something that people can sometimes establish separately outside of their employer (exceptions being Auto-IRAs for a couple states)

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What to do now????

 

Since you've already filed (and if "Accepted") and paid what you owed...you can start an "Amended" tax return.   After starting that, you will go to the Deductions&Credits page and remove your entries for IRA contributions.  Your State tax return may need to be indicated as being amended too.  I have no idea if this will end up with you owing more or not.....maybe so.

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*