Yes, it is the amount contributed to your employer sponsored ROTH 401(k) plan. That amount is taxable and is already included in box 1 of your W-2.
Code AA indicates a contribution to a Roth 401(k). A Roth 401(k) is not a Roth IRA. Do not enter anything reported in box 12 of your W-2 anywhere in TurboTax other than on TurboTax's W-2 form. Do not enter any of these amounts under Deductions and Credits as regular IRA contributions.
What is the maximum $ amount that I can contribute to my company's Roth 401 K?
The maximum Roth 401(k) contribution for 2019 was $19,000 plus, for those over age 50 in 2019, a $6,000 catch-up; it's too late to contribute for 2019 unless you are self-employed and before the end of 2019 you made the election to make the Roth contribution. For 2020 it's $19,500 plus a $6,500 catch-up.
Good thing I came here. Assuming people are going to know that a Roth IRA contribution is NOT the same as their Roth IRA contributions via their 401(k) is reckless and confusing.
Roth contributions via the 401(k) are not Roth IRA contributions. They are Roth 401(k) contributions.
Is there an income limit (MFJT) on who can contribute to Roth 401K?
No, there are no income limits to contribute to a Roth 401(k).
Please see the comparison chart in this IRS piece.
There is no income limit affecting eligibility to make contributions to employer-provided retirement plans.
Enter amounts in box 12 of your W-2 only in box 12 of TurboTax's W-2 from, nowhere else in TurboTax. A 401(k) is not an IRA.
Thanks @PattiF , it (Roth 401K) has been most confusing for me recently since it is first time using it with my new employer, and Google was not much helpful getting anywhere.
@dmertz Hello, I know this has been a while, but I'm hoping you can help. Turbotax thinks my box 12 amount is for a Roth IRA but it is a Roth 401k. So it is saying we over contributed, but we didn't, and now it won't let us file unless we enter our over-contribution amount in the deductions and credits area. Any ideas on what we should do?
What code is in box 12 with the amount? If it is not AA then the system would not recognize your contribution as a Roth 401K contribution.
Thanks, @RobertB4444 Yes, it is AA. And I do not have the amounts anywhere in the deductions and credits part either, as that is a Roth IRA. I'm very confused. I decided to pay to have a turbotax person look into it. The first person I got on the phone couldn't help, so she said she would find someone and give me a call back.