turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

To the question "DID YOU MAKE A ROTH IRA CONTRIBUTION FOR 2020?" … how do I answer if I already entered payroll deductions for Roth 401k shown on W2 form?

Do I answer YES, and re-enter the same dollar amount already entered from W2?  Or answer NO, since the amount was already entered from the W2?
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
AnnetteB6
Expert Alumni

To the question "DID YOU MAKE A ROTH IRA CONTRIBUTION FOR 2020?" … how do I answer if I already entered payroll deductions for Roth 401k shown on W2 form?

You would enter NO if your only exposure to a Roth account was through payroll deductions to a Roth 401k.

 

A Roth 401k and a Roth IRA are two separate types of accounts.  Entering the information on your W-2 showing that you contributed money to a Roth 401k through payroll deductions is all you need to do.

 

Making a contribution to a Roth IRA would be done outside of your job by opening an IRA with a financial custodian and making direct contributions to the account.  If you did have a separate Roth IRA, then you would enter the contributions you made in your return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

To the question "DID YOU MAKE A ROTH IRA CONTRIBUTION FOR 2020?" … how do I answer if I already entered payroll deductions for Roth 401k shown on W2 form?

Thanks for this answer; they still word the question the same way and, like so many forms, we're seemingly asked for the same information over and over again.

 

I find far too many questions in Turbo Tax ambiguous, like this one... They could easily clarify the question by adding "not included on your W2."

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies