Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 1, 2023 7:19:09 PM

In 2022, I contributed the annual limit to my Roth and Traditional IRAs, but I am getting an error that my contribution exceeded the contribution limit. Why?

0 3 301
3 Replies
Level 15
Mar 1, 2023 7:27:28 PM

You can only contribute a combined total of $6,000 if under age 50 to your two IRAs. You can’t contribute that amount to each of them. 

New Member
Mar 1, 2023 7:42:06 PM

I was under the impression that the annual limit was 20500 in 2022 as per https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits

 

Is that not the case?

Level 15
Mar 1, 2023 8:28:03 PM

401k plans have different contribution rules than IRA s