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Level 1

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
Level 20

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.

3 Replies
Level 20

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.

Level 2

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?

Level 20

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.