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Retirement tax questions
If $272.28 is shown on 2022 Form 8880 line 1, it means that you mistakenly reported your Roth 401(k) contribution as a (presumably Roth) IRA contribution. A 401(k) is not an IRA. Amounts shown in box 12 of your W-2 are to be entered only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.
The result of mistakenly entering a $272.28 Roth IRA contribution wouldn't have affected your filed tax return other than to include incorrect amounts on 2022 Form 8880 lines 1, 3 and 5. However, it also means that your IRA Information Worksheet shows $272 of Roth IRA contribution basis than you actually have, so you'll want to correct your Roth IRA basis going forward.
‎April 4, 2024
4:09 PM