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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?
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Accepted Solutions
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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
Highlighted
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

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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?

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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.