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My Roth 401k contributions for 2017 are 12252.24. which is below the 18,000 limit. Is there a reason it says I'm being fined for excess contributions?
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June 4, 2019
5:06 PM
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Retirement tax questions
Keep in mind that the maximum contribution is an aggregate limit across all of your 401(k) plans. You cannot save $18,000 in a traditional 401(k) and another $18,000 in a Roth 401(k).
June 4, 2019
5:06 PM
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Retirement tax questions
#2: You only enter those contributions as a part of your W-2 form.
If you re-entered the contributions as IRA/RothIRA Contributions on the Deductions&Credits page....you need to go take them out of there. a 401k is NOT an IRA. a ROTH 401k is NOT a ROTH IRA.
If you re-entered the contributions as IRA/RothIRA Contributions on the Deductions&Credits page....you need to go take them out of there. a 401k is NOT an IRA. a ROTH 401k is NOT a ROTH IRA.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
June 4, 2019
5:06 PM
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Retirement tax questions
Thanks yeah I think I've figured it out. For some reason I think it was entering the information from my W-2 as an IRA. Thanks for the help
June 4, 2019
5:06 PM