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New Member
posted Mar 21, 2021 2:29:36 PM

"Tell Us The Value of your Roth IRA" - Does this mean I enter the Total Value of my Roth IRA portfolio including Employer Contribution, or, just my contribution?

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3 Replies
Level 15
Mar 21, 2021 3:27:19 PM

The total value of your traditional IRAs is the total balance in your traditional IRAs on December 31, no matter where the money in your traditional IRAs came from.

 

Make sure that you do not include the balance you have in any qualified retirement plans like a 401(k), 403(b), 457(b) or the federal TSP.  These are not IRAs.  The only types of plans that accept employer contributions that are IRAs are SEP-IRAs and SIMPLE IRAs.

New Member
Mar 22, 2021 4:25:29 AM

Thank you. Now it all makes sense. 

 

I accidentally filled the Traditional & Roth IRA sections, and the TurboTax tool says that I contributed more than the acceptable limit, thus warranting a penalty. My Pre-tax/Roth IRA is through an employer sponsored 401(k).

 

Guess I should skip the Traditional/Roth IRA sections on TurboTax?

Level 15
Mar 22, 2021 5:12:44 AM

If you made no traditional or Roth IRA contribution, go back an remove the contribution entry you made in the Traditional and Roth IRA Contributions section.