My Roth 401k contributions for 2017 are 12252.24. which is below the 18,000 limit. Is there a reason it says I'm being fined for excess contributions?
04533
1 Best answer
SweetieJean
Level 15
Jun 4, 2019 5:06:49 PM
Solved in comments.
4 Replies
SweetieJean
Level 15
Jun 4, 2019 5:06:45 PM
Keep in mind that the maximum contribution is an aggregate limit across all of your 401(k) plans. You cannot save $18,000 in a traditional 401(k) and another $18,000 in a Roth 401(k).
SteamTrain
Level 15
Jun 4, 2019 5:06:47 PM
#2: You only enter those contributions as a part of your W-2 form.
If you re-entered the contributions as IRA/RothIRA Contributions on the Deductions&Credits page....you need to go take them out of there. a 401k is NOT an IRA. a ROTH 401k is NOT a ROTH IRA.
bhicks93227
New Member
Jun 4, 2019 5:06:48 PM
Thanks yeah I think I've figured it out. For some reason I think it was entering the information from my W-2 as an IRA. Thanks for the help