Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
Jeff_Bischoff
New Member

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?
1 Best answer

Accepted Solutions
dmertz
Level 15

401k contribution penalty

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.

View solution in original post

3 Replies
dmertz
Level 15

401k contribution penalty

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.

View solution in original post

Emile
New Member

401k contribution penalty

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

401k contribution penalty

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.

Dynamic AdsDynamic Ads
Privacy Settings
v