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kielerc
New Member

How can I have an excess contribution of $1,430 to a traditional IRA which has an $18,000 dollar limit when I only put in $7430? I understand the limit of a Roth IRA is $6,000 dollars. But when contri

Is the $7,430 traditional IRA contributions non-deductible?
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2 Replies
DanaB27
Employee Tax Expert

How can I have an excess contribution of $1,430 to a traditional IRA which has an $18,000 dollar limit when I only put in $7430? I understand the limit of a Roth IRA is $6,000 dollars. But when contri

Please be aware that for 2019, your total contributions to all of your traditional and Roth IRAs cannot be more than:

  • $6,000 ($7,000 if you're age 50 or older), or
  • your taxable compensation for the year, if your compensation was less than this dollar limit.

Furthermore, the deduction to a traditional IRA may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see Retirement Topics - IRA Contribution Limits for details.

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dmertz
Level 15

How can I have an excess contribution of $1,430 to a traditional IRA which has an $18,000 dollar limit when I only put in $7430? I understand the limit of a Roth IRA is $6,000 dollars. But when contri

If this retirement plan has an $18,000 contribution limit, it is not an IRA.  Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.

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