dmertz
Level 15

Retirement tax questions

The $19,000 limit applies to qualified retirement plans like a 401(k), not to IRAs.  The limit for IRAs is $6,000.  For those age 50 or over, qualified retirement plans also allow a catch-up contribution of $6,000 while IRAs only allow a catch-up contribution of $1,000.

 

Make sure that you enter amounts shown in box 12 of a W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.