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New Member
posted Feb 26, 2020 5:24:44 PM

roth ira contributions

where it says enter your contributions should that include the company match

0 7 1842
7 Replies
Expert Alumni
Feb 26, 2020 5:43:10 PM

No, it should not include the company match.  It sounds like you might be entering your contributions to your Roth 401(k) instead of contributions to your Roth IRA.  Your Roth 401(k) contributions are entered from your W-2, Box 12, Code AA — Designated Roth contribution under a 401(k) plan.  Your Roth 401(k) contribution should not be entered as a Roth IRA contribution.

Level 1
Mar 7, 2020 10:00:40 AM

I contributed more than $6000 to my Roth 401(k) plan. TurboTax the program tells me that I made an excess contribution, tho when I spoke with a TurboTax expert earlier, I was told that the limit was $19,000 or so. How do I get the program to accept that what's in line 12 of my W-2 (AA) is acceptable?

Expert Alumni
Mar 7, 2020 11:01:30 AM

The $19,000 annual limits includes all 401k contributions, not just the ROTH category.

 

@mcoop26

Level 1
Mar 7, 2020 11:14:32 AM

The program doesn't seem to recognize that the amount in my W-2, box 12, labeled WW counts toward the $19,000 limit and not the $6,000 limit. I think I fixed this by not labeling the contribution as an IRA, but it seems unnecessarily confusing (and that's probably because of the tax code). I think TT could be more helpful in making clear that there's a distinction between a Roth 401(k) and a Roth IRA and how to apply the correct limit to contributions.

Expert Alumni
Mar 7, 2020 11:21:17 AM

You are confusing a Roth IRA with a Roth 401(k).  The amount that is reported in Box 12 of your W-2 with code WW has nothing to do with Roth IRA contributions.  

Level 1
Mar 7, 2020 1:03:24 PM

Yes, David, you're absolutely right. I didn't realize there was a difference between a Roth IRA and a Roth 401(k). And I probably checked a box incorrectly to define this contribution as an IRA. Spent a lot of time trying to get a good answer to this, consulted several IRS pages but getting a clear answer has been difficult. Anyway, thanks for the clarification.

Expert Alumni
Mar 7, 2020 1:13:17 PM

You're welcome.  I can see how someone that doesn't deal with these matters on a regular basis could be easily confused by the dual use of Roth.  I'm sorry you had trouble getting a clear answer.  Thanks for using TurboTax!