If 2022 return had 8,000 contributed to a Roth, this is a AA- designated Roth contribution under a section 401K plan. I did not over contribute, why did I owe penalty
01460
1 Best answer
dmertz
Level 15
Aug 23, 2023 6:01:30 PM
A 401(k) is not an IRA. Enter the code-AA amount only on TurboTax's W-2 form, nowhere else in TurboTax. Assuming that you made no Roth IRA contribution, remove the Roth IRA contribution entry that you made.
1 Replies
dmertz
Level 15
Aug 23, 2023 6:01:30 PM
A 401(k) is not an IRA. Enter the code-AA amount only on TurboTax's W-2 form, nowhere else in TurboTax. Assuming that you made no Roth IRA contribution, remove the Roth IRA contribution entry that you made.