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New Member
posted Mar 3, 2023 1:53:58 PM

The Limits for the Traditional IRA i think are wrong. The $6,000 limit (or $7,000 if your 50y or older) is only for the ROTH IRA. Can you please double check?

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1 Best answer
Expert Alumni
Mar 4, 2023 9:29:31 AM

Yes, that is correct if you only have a retirement plan with your employer then you won't enter any IRA contributions. All you need to do is enter your W-2 box 12 information when you enter your W-2.

 

@tyfgroupusa-gmai 

4 Replies
Level 15
Mar 3, 2023 1:55:54 PM

IRS website - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits

 

For 2022, 2021, 2020 and 2019, the total contributions you make each year to all of your 

traditional IRAs 

 and Roth IRAs can't be more than:

  • $6,000 ($7,000 if you're age 50 or older), or
  • If less, your taxable compensation for the year

Level 15
Mar 3, 2023 2:49:27 PM

The limits for traditional IRA contributions and Roth IRA contributions have always been the same as each other.  In fact, the section of the tax code that establishes the limits for Roth IRA contributions simply references the section of the tax code that establishes the limits for traditional IRA contributions.

 

Make sure you are not trying to report contributions to an employer-provided retirement plan as IRA contributions.  Enter amount shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.

New Member
Mar 4, 2023 9:03:40 AM

Thats a good point. I already filled up all my W2 info, as my Traditional IRA is by a employer provided IRA. 

 

So, i dont need to put it again when ask about the IRA or ROTH IRA contibutions, is that correct?

Expert Alumni
Mar 4, 2023 9:29:31 AM

Yes, that is correct if you only have a retirement plan with your employer then you won't enter any IRA contributions. All you need to do is enter your W-2 box 12 information when you enter your W-2.

 

@tyfgroupusa-gmai