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I contributed 3,600 to my Roth IRA last year and 2,600 to my employer's deferred compensation plan. Am I over the 5,500 limit?

Is the $5,500 limit a total contribution limit or just roth?
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4 Replies
IreneS
Intuit Alumni

I contributed 3,600 to my Roth IRA last year and 2,600 to my employer's deferred compensation plan. Am I over the 5,500 limit?

No.  The contribution limit applies only to your IRA contributions.

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I contributed 3,600 to my Roth IRA last year and 2,600 to my employer's deferred compensation plan. Am I over the 5,500 limit?

So do I not report my 2,600 on turbo tax? I entered it into the traditional IRA section since it goes into a Vangaurd target 2050 retirement mutual fund.
dmertz
Level 15

I contributed 3,600 to my Roth IRA last year and 2,600 to my employer's deferred compensation plan. Am I over the 5,500 limit?

The $2,600 shown in box 12 of your W-2 is to be entered only in box 12 of TurboTax's W-2 form.  Do not include it anywhere under Deductions & Credits.

I contributed 3,600 to my Roth IRA last year and 2,600 to my employer's deferred compensation plan. Am I over the 5,500 limit?

Okay, thanks.  I had it entered in both areas.
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