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The military Roth IRA has a yearly contribution limit of 18k instead of normal 6k. I contributed>6k and the program doesnt recognize the higher limit. What should i do?
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January 23, 2020
1:30 PM
last updated
January 23, 2020
1:30 PM
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The military Roth IRA has a yearly contribution limit of 18k instead of normal 6k. I contributed>6k and the program doesnt recognize the higher limit. What should i do?
To enter your Roth IRA contributions into TurboTax follow these steps:
- Select Search at the top right of your screen,
- Enter Roth IRA contributions,
- Select Jump to Roth IRA Contributions,
- Select Roth IRA,
- Select Continue,
- Select No to the Repayment Question,
- Enter your Roth IRA Contributions,
- Respond No to the question Switching Roth to a Traditional,
- Answer Yes to the Let Us keep track of your IRA basis,
- Answer the Withdrawal Question,
- Enter your prior year Contributions (if any),
- Answer the question about IRA / Roth Conversions,
- Answer the question about Excess Roth Contributions for prior years,
- Enter the value of your Roth IRA at the beginning of the year,
- On this screen, TurboTax tells you that your Roth Contribution was to high,
- Select Continue,
- On this screen it tells you what your penalty is, and your options.
Your screen will look like this:
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January 23, 2020
2:41 PM
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The military Roth IRA has a yearly contribution limit of 18k instead of normal 6k. I contributed>6k and the program doesnt recognize the higher limit. What should i do?
Your military Roth account is NOT a Roth IRA. It's a designated Roth account in a qualified retirement plan.
Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax. Go back an delete the entry you made in the Traditional and Roth IRA section.
January 23, 2020
2:56 PM
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