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New Member
posted Feb 14, 2025 1:33:02 PM

I am doing a 3 year catchup on my IRA though my work. I am contributing more the the allowed amount. How do i enter this on my taxes to avoid the 6% penalty

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1 Best answer
Level 15
Feb 14, 2025 3:23:54 PM

The employer's retirement plan is not an IRA.  The type of plan that allows a special 3-year catchup is a 457(b).  Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  Remove the erroneous IRA contribution that you entered,

1 Replies
Level 15
Feb 14, 2025 3:23:54 PM

The employer's retirement plan is not an IRA.  The type of plan that allows a special 3-year catchup is a 457(b).  Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  Remove the erroneous IRA contribution that you entered,