turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

How to handle excess IRA contribution?

I am over 50 and contributed a total of $20,000 which includes $8,200 for a Roth. Turbo Tax tells me I am $1,700 over the $6,500 limit for the Roth. Thought catch-up contribution limit would allow me a max of $24,000. How do I get TurboTax to allow the max so I don't have an excess? "

Plan doc says - 2017 Limits - The amt you can add annually to RSP is $18K.  If age 50 or older can also make catch-up contribs and save an addit $6K or a tot of $24K?


Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
dmertz
Level 15

How to handle excess IRA contribution?

These are not IRA contributions.  They are contributions to a 401(k), 403(b) or 457(b) employer plan.  Do not enter these under Deductions & Credits.  Go back and remove these amount from Deductions & Credits.

Enter amounts shown in box 12 of your W-2 only on TurboTax's W-2 form, nowhere else in TurboTax.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies