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The military Roth IRA has a yearly contribution limit of 18k instead of normal 6k. I contributed>6k and the program doesnt recognize the higher limit. What should i do?

 
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2 Replies
ReginaM
Expert Alumni

The military Roth IRA has a yearly contribution limit of 18k instead of normal 6k. I contributed>6k and the program doesnt recognize the higher limit. What should i do?

To enter your Roth IRA contributions into TurboTax follow these steps:

  1. Select Search at the top right of your screen,
  2. Enter Roth IRA contributions,
  3. Select Jump to Roth IRA Contributions,
  4. Select Roth IRA
  5. Select Continue,
  6. Select No to the Repayment Question,
  7. Enter your Roth IRA Contributions,
  8. Respond No to the question Switching Roth to a Traditional,
  9. Answer Yes to the Let Us keep track of your IRA basis,
  10. Answer the Withdrawal Question,
  11. Enter your prior year Contributions (if any),
  12. Answer the question about IRA / Roth Conversions,
  13. Answer the question about Excess Roth Contributions for prior years,
  14. Enter the value of your Roth IRA at the beginning of the year,
  15. On this screen, TurboTax tells you that your Roth Contribution was to high,
  16. Select Continue,
  17. On this screen it tells you what your penalty is, and your options.

Your screen will look like this:

 

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dmertz
Level 15

The military Roth IRA has a yearly contribution limit of 18k instead of normal 6k. I contributed>6k and the program doesnt recognize the higher limit. What should i do?

Your military Roth account is NOT a Roth IRA.  It's a designated Roth account in a qualified retirement plan.

 

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 an delete the entry you made in the Traditional and Roth IRA section.

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