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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.
March 31, 2020
9:24 AM