I was under the impression that you can put more than 6,000 into your IRA a year. My work removes a certain percentage of my paycheck towards a IRA.

Am I limited to the 6k contribution to my IRA if it’s a retirement plan through my work?

281

Level 15

Feb 21, 2020 11:34:45 AM

Your plan at work is most likely not a regular IRA. Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.

Intuit Alumni

Feb 21, 2020 11:42:34 AM

If it is a SIMPLE IRA, your 2019 contribution limit was $13,000.

If it was a Traditional IRA, your 2019 contribution limit was $6000 ($7000 if you are 50+ years of age)

Here is an IRS link that has information of all types of Retirement Contributions: IRS - Retirement Topics

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I was under the impression that you can put more than 6,000 into your IRA a year. My work removes a certain percentage of my paycheck towards a IRA.