Ira contribution information

Forum|Forum|7 years ago
June 3, 2019
1 reply
5 views

I contribute at work to an IRA. Employer deducts from paycheck. I deduct over the 6500 amount. Should I just write the balance under excess. I thought the limit for someone over 50 was 10-20K

TurboTax Self Employed Online

Best answer by macuser_22

If it is at work, then it is not an IRA, but an employer sponsored plan that the employer reports on your W-2 in box 12. That is the only place that it is entered. It is NOT an IRA contribution.

macuser_22

Answer

Alumni - Champ

If it is at work, then it is not an IRA, but an employer sponsored plan that the employer reports on your W-2 in box 12. That is the only place that it is entered. It is NOT an IRA contribution.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**