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billcampbell1
New Member

Question about combined 401K limit - Traditional + Roth for someone over 50.

Turbo Tax said I have a penalty for over contributions to Traditional IRA. I am 59 and contributed 24,500 in 2018. I also contributed 6,500 to a Roth IRA for 2018 I know I can put in 24,500 in the traditional IRA and was told the limit was 6,500 for 2018 if you are 50 or older.

4 Replies
Anita01
New Member

Question about combined 401K limit - Traditional + Roth for someone over 50.

IRA's have their own contribution limits based on income, filing status, etc..  You cannot contribute this much to an IRA.  See the following from the IRS:

If neither you nor your spouse participates in a retirement plan at work, your traditional IRA contribution is fully deductible up to your contribution limit. The maximum contribution for 2019 is $6,000, up from $5,500 in 2018. Taxpayers who are 50 or older can contribute up to $7,000 ($6,500 in 2018).

Anita01
New Member

Question about combined 401K limit - Traditional + Roth for someone over 50.

SweetieJean
Level 15

Question about combined 401K limit - Traditional + Roth for someone over 50.

@billcampbell1
$24,500 is the maximum for a 401(k), not an IRA, Did you accidentally enter a 401(k) as an IRA?
billcampbell1
New Member

Question about combined 401K limit - Traditional + Roth for someone over 50.

Yes, it should be 401K sorry, I will edit
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