dmertz
Level 15

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.