- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
On a related note:
I received the 5498-QA and realize it does not have to be entered into Turbotax. But I went down the rabbit hole of excess contributions before reaching that conclusion.
On the TT page "Excess ABLE Account Contribution" it says "If more than $15,000 was contributed . . . in 2023, enter the amount of excess contribution . . . "
According to IRS Pub 907 "For 2023, the maximum amount that can be contributed to your ABLE account is $17,000. Certain employed ABLE account beneficiaries may contribute a limited additional amount. . . . "
So the 2023 threshold for excess contributions is $17,000 (+ certain income), not $15,000, yes?
‎February 15, 2024
12:54 PM