I contributed 12374.67 to a Roth 401K, and my company contributed 10239.73 to my Traditional 401K. How does that effect my taxes.
When it goes through turbo tax it says that I have contributed over my $7000 limit for Roth IRA but it went into a 401K.
02837
2 Replies
DoninGA
Level 15
Feb 4, 2025 11:10:31 AM
Your contributions to the Roth 401(k) are only entered on your W-2 in box 12 with a code AA. Those contributions are not entered anywhere else on a tax return.
SteamTrain
Level 15
Feb 4, 2025 11:40:21 AM
i.e............... a 401k is NOT an IRA.
Other than being retirement accounts, they are different beasts with mostly different contribution rules.