401k contribution penalty

Forum|Forum|7 years ago
June 6, 2019
1 reply
10 views

Turbo Tax is telling me I have over-contributed, and I will pay a penalty; however, I have not reached 18k. Why is that?

TurboTax Self Employed Online

Best answer by dmertz

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.

dmertzAnswer

Level 15

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.

Emile11

Level 2

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?

dmertz

Level 15

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.