I made contributions to a traditional and roth IRA...
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doc132
New Member

I made contributions to a traditional and roth IRA. My w2 shows a roth coded AA. And I have a box 13 retirement traditional. Do I put these in deduction&credit? Or not?

I am not bound by the roth contribution limit due to my retirement. After clicking through the trad/roth ira deductions it said I don't qualify.
3 Replies
DanaB27
Employee Tax Expert

I made contributions to a traditional and roth IRA. My w2 shows a roth coded AA. And I have a box 13 retirement traditional. Do I put these in deduction&credit? Or not?

No, the contribution to the Roth 401k shown on your W-2 won't be entered under the Deduction & Credit section. Only IRA contributions are entered in the Deduction & Credit section.

 

Please be aware, your Roth IRA contribution may be limited based on your filing status and income. Please see 2020 - Amount of Roth IRA Contributions You Can Make for 2020 for details.

 

The total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

  • $6,000 ($7,000 if you're age 50 or older), or
  • If less, your taxable compensation for the year

 

If you have an excess Roth contribution because your income is too high then you have two options to avoid the 6% excess contribution penalty.

 

Option 1: You can recharacterize the contribution as a traditional IRA by the due date.

 

Option 2: To avoid the 6% tax on excess contributions, you must withdraw:

  • the excess contributions from your IRA by the due date of your individual income tax return (including extensions); and
  • any income earned on the excess contribution.

Please comment if you like more information about either option or have any other questions.

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dmertz
Level 15

I made contributions to a traditional and roth IRA. My w2 shows a roth coded AA. And I have a box 13 retirement traditional. Do I put these in deduction&credit? Or not?

Just in case it wasn't apparent from DanaB27's reply, your employer's plan is not any kind of IRA.  It is a 401(k).

doc132
New Member

I made contributions to a traditional and roth IRA. My w2 shows a roth coded AA. And I have a box 13 retirement traditional. Do I put these in deduction&credit? Or not?

Thank you very much! It was not clear, but now I understand. 

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