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Since your W-2 has your Roth 401(k) contributions in box 12, you do not enter those contributions anywhere else on the tax return.
The problem is that TurboTax is assessing a penalty as if I contributed too much based on the limits for a Roth IRA, not a 401(k)
@sallydyer57 wrote:
The problem is that TurboTax is assessing a penalty as if I contributed too much based on the limits for a Roth IRA, not a 401(k)
Back up...Are you also entering Roth IRA contributions in the section for IRA's along with having Roth 401(k) deferrals on the W-2?
What penalty is the program saying you will have?
All I entered was the amount and code (AA)in box 12 from my W-2. The penalty is 6% of the amount above $6000. My understanding is that a Roth 401(k) has a much higher contribution limit.
sallydyer57, somehow you've mistakenly entered this under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions. Go back and remove the entry you made there. It is not a Roth IRA contribution.
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