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roth 401k vs roth

Hello- If i contribute to a Roth IRA by way of my employers 401k plan do I still enter yes that I contributed to a Roth IRA? We took advantage of the covid 401k withdrawl and it seems to have put us over the limit for Roth contributions. TT is telling me I can withdraw it but when I called the firm that manages the retirement plan they said there is a difference and it is not a "Roth IRA"  it is ""401K Roth IRA". So should I just not check the box referring to Roth IRA

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1 Best answer

Accepted Solutions
dmertz
Level 15

roth 401k vs roth

The Roth account in your employer's 401(k) plan is not a Roth IRA.  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 and remove this from where you entered it under Deductions & Credits.

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2 Replies
dmertz
Level 15

roth 401k vs roth

The Roth account in your employer's 401(k) plan is not a Roth IRA.  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 and remove this from where you entered it under Deductions & Credits.

Irene2805
Expert Alumni

roth 401k vs roth

Do not check the box referring to a Roth IRA.  Please see the explanation given by Champ Opus 17 in an answer to a similar question:  Is Roth 401k contributions the same as Roth IRA?

 

 

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