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meadedoug0293
New Member

I have been contributing to a Roth 401k, do I enter this information in the roth IRA section?

 
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Accepted Solutions
AnnetteB
Intuit Alumni

I have been contributing to a Roth 401k, do I enter this information in the roth IRA section?

No, you do not enter any information about Roth 401k contributions in the Roth IRA section of your return.

If you are contributing to the Roth 401k as a self-employed person, then there is a place to enter that information.  Otherwise, if your contributions are through an employer they will be shown on your W-2 and entered along with your other W-2 information. 

 

For the case of a self-employed 401k contribution, use these steps to go to that section of your return:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)

  • This opens a box where you can type in “self-employed retirement” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)

  • The search results will give you an option to “Jump to self-employed retirement

  • Click on the blue “Jump to self-employed retirement” link and enter your information


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4 Replies
AnnetteB
Intuit Alumni

I have been contributing to a Roth 401k, do I enter this information in the roth IRA section?

No, you do not enter any information about Roth 401k contributions in the Roth IRA section of your return.

If you are contributing to the Roth 401k as a self-employed person, then there is a place to enter that information.  Otherwise, if your contributions are through an employer they will be shown on your W-2 and entered along with your other W-2 information. 

 

For the case of a self-employed 401k contribution, use these steps to go to that section of your return:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)

  • This opens a box where you can type in “self-employed retirement” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)

  • The search results will give you an option to “Jump to self-employed retirement

  • Click on the blue “Jump to self-employed retirement” link and enter your information


View solution in original post

AlTax1
New Member

I have been contributing to a Roth 401k, do I enter this information in the roth IRA section?

I am self employed, but never contributed to roth 401k. I have already contributed to roth IRA last year. My Question is: can I contribute to both of these plans?

Thanks in advance,

JohnB5677
Expert Alumni

I have been contributing to a Roth 401k, do I enter this information in the roth IRA section?

No.  If you've been contributing to your Roth 401(k) at work, it will be reflected as a reduction in wages in box 1 of your W-2.  There is no need to make any other entries.

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JohnB5677
Expert Alumni

I have been contributing to a Roth 401k, do I enter this information in the roth IRA section?

Yes, you can invest in both an Roth IRA and a 401k (or a Roth 401k and a Roth IRA) at the same time, or any combination of those accounts.

 

Here are the IRA limits for 2021:

  • The IRA contribution limit is $6,000.
  • The IRA catch-up contribution limit will remain $1,000 for those age 50 and older.
  • 401(k) participants with incomes below $76,000 ($125,000 for couples) are additionally eligible to make traditional IRA contributions.
  • The Roth IRA income limit is $140,000 for individuals and $208,000 for couples.
  • The saver's credit income limit is $33,000 for individuals and $66,000 for couples.

@AlTax1

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