Turbo Tax is not recognizing this as a Roth TSP, which has a greater Contribution threshold. The W-2 code shows as AA.
How do I get this actual contribution recognized as a TSP, and no penalty calculated based on the traditional Roth IRA limits? The actual contribution and the code are on the W-2
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For a work retirement account like the TSP all you need to do is enter your W-2. Do not enter it as an IRA contribution. Please delete the entry in the IRA contribution section.
Thank you. To clarify, I simply do not report the W-2 amount in Box 12 in the Turbo Tax input? I understand that will make the tax calculations correct, but will that cause an issue/disconnect with the IRS, since there is $ in Box 12 and Code AA? Thanks , again
No, you will enter the information from your W-2 as shown, including box 12, when you enter your W-2 in TurboTax. But you do not enter this as an IRA contribution in the Deduction & Credit section since the TSP is not an IRA.
The Roth account in the federal TSP is not a Roth IRA.
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