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sanhaji
New Member

Excess contributions ira

I'm not sure I understand the excess contributions not to excessed 5,500. my job (i'm a state employee) deducts my retirement contributions from my payroll and I don't have any control over it. we both have a traditional plan. my husband is a government employee and his government retirement web site stated that he cannot exceed 18,000 per year.

now we are confused by the penalty for excess contribution???

can you help please

1 Best answer

Accepted Solutions
MichaelL1
Level 15

Excess contributions ira

The retirement contributions with your employer (Federal government) are already taken into account when the W-2 is entered.

These do not get entered again as Retirement contributions in the IRA Contribution section under Deductions and Credits.

So remove these contributions and the penalty will go away. 

View solution in original post

1 Reply
MichaelL1
Level 15

Excess contributions ira

The retirement contributions with your employer (Federal government) are already taken into account when the W-2 is entered.

These do not get entered again as Retirement contributions in the IRA Contribution section under Deductions and Credits.

So remove these contributions and the penalty will go away. 

View solution in original post

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