I contributed 11,255 to a Roth 401k in 2019, box 12 of my W-2 shows "AA". The dollars were after-tax dollars. TurboTax H&B 2019 is telling me I went 4255 over the 7000 limit (6000 + over 50 catch-up).
My plan provider tells me that the limit for a Roth 401k is different than a regular Roth, and that my limit in 2019 was actually 19,000 with a 6,000 catch-up. I see what looks like supporting information at https://www.irs.gov/retirement-plans/roth-comparison-chart
If indeed I didn't go over the limit how can I stop the software from showing me as being over the limit and owing a penalty this year and every year until corrected?
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Only enter it from the W2, nowhere else. Do not enter it under Deductions as a contribution. That is only for IRA contributions, not 401K. A 401K is not the same as a IRA.
Did you accidentally enter the contribution on the W-2 box 12 code AA and AGAIN in the ROTH IRA contribution section ? A ROTH 401K is not the same as a ROTH IRA ... remove the IRA entry.
Only enter it from the W2, nowhere else. Do not enter it under Deductions as a contribution. That is only for IRA contributions, not 401K. A 401K is not the same as a IRA.
Thank you VolvoGirl, and Critter. I had entered it in two places and removing it from Deductions - Roth IRA Contributions solved my problem. Have a great day!
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