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401k contribution penalty
Turbo Tax is telling me I have over-contributed, and I will pay a penalty; however, I have not reached 18k. Why is that?
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June 6, 2019
3:25 AM
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Retirement tax questions
Do not enter your 401(k) contributions under Deductions & Credits. Your 401(k) is not an IRA. Any amounts shown in box 12 of your W-2 are to be entered only on TurboTax's W-2 form.
June 6, 2019
3:25 AM
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Retirement tax questions
OK. This was done. But the total amount of contribution was declared as excess and I paid a penalty of $53.
I am 72. Still working. Still contributing. What to do?
September 19, 2019
6:32 AM
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Retirement tax questions
If you reported an IRA contribution on your tax return that you did not make, amend your tax return. Contributions to a 401(k) are not contributions to an IRA.
September 19, 2019
8:11 AM