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

[billcampbell1]

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.

[Anita01]

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]

Answers to what to do with an excess IRA contribution:

https://ttlc.intuit.com/questions/4638682-excess-2018-traditional-ira-contribution-returned-next-yea...#

[SweetieJean]

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

[billcampbell1]

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