My ROTH 401K contributions for 2020 exceeds the $7...
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thaxton8084
New Member

My ROTH 401K contributions for 2020 exceeds the $7,000 limit by $573. How do we know if we are getting penalized for this? If so, can we transfer the excess to 401K?

Box 12AA and 12D on W2 are $7573.37. If the Roth needs to be under $7000, can I just transfer the excess from Roth to traditional 401K?
2 Replies
SteamTrain
Level 15

My ROTH 401K contributions for 2020 exceeds the $7,000 limit by $573. How do we know if we are getting penalized for this? If so, can we transfer the excess to 401K?

A ROTH 401k is not a ROTH  IRA.   

Your W-2 ROTH 401k contributions are only entered as the box 12  enter you put in the software...and only there.

 

((And if you also entered something for that on the Deductions&Credits page for ROTH IRAs...then go back to that section take that entry out ))) 

______________________

ROTH 401k contributions you made thru your employer from your wages ( and noted in box 12 on a W-2 form) are limited to 19,500 (plus 6500 catch up if over age 50)

 

 Only ROTH IRAs have a 7k limit....if over age 50.  (and some possibly lower other limits if you are covered by a retirement plan at work)

*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
SteamTrain
Level 15

My ROTH 401K contributions for 2020 exceeds the $7,000 limit by $573. How do we know if we are getting penalized for this? If so, can we transfer the excess to 401K?

But if you contributed to both a ROTH 401k, and Traditional 401k at work during the year....the amount contributed...combined cannot exceed 19,500  (plus the 6500 catchup for those age 50 or older).

*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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