☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Jun 3, 2019 12:14:13 PM

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?


0 1 1017
1 Replies
Level 15
Jun 3, 2019 12:14:14 PM

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.