Roth contributions to 401k Plan are over $10K and TurboTax says we owe a penalty. Is this true?

TurboTax shows a max contribution to 401K but my payments are 401K loan repayments.

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Roth contributions to 401k Plan are over $10K and TurboTax says we owe a penalty. Is this true?

Loan payments to a 401K are not to be listed in TurboTax as they are not considered a contribution to a 401K.

They are a repayment of funds loaned to you.

You need to go back to Federal Taxes

Deductions and Credits

Retirement and Investments

Traditional and IRA contributions --and remove them, and also from the retirement Savings area if entered there.

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Roth contributions to 401k Plan are over $10K and TurboTax says we owe a penalty. Is this true?

Thank you!

Roth contributions to 401k Plan are over $10K and TurboTax says we owe a penalty. Is this true?

Loan payments to a 401K are not to be listed in TurboTax as they are not considered a contribution to a 401K.

They are a repayment of funds loaned to you.

You need to go back to Federal Taxes

Deductions and Credits

Retirement and Investments

Traditional and IRA contributions --and remove them, and also from the retirement Savings area if entered there.

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