Excess contributions ira

[sanhaji]

I'm not sure I understand the excess contributions not to excessed 5,500. my job (i'm a state employee) deducts my retirement contributions from my payroll and I don't have any control over it. we both have a traditional plan. my husband is a government employee and his government retirement web site stated that he cannot exceed 18,000 per year.

now we are confused by the penalty for excess contribution???

can you help please

[MichaelL1 · Accepted solution]

The retirement contributions with your employer (Federal government) are already taken into account when the W-2 is entered.

These do not get entered again as Retirement contributions in the IRA Contribution section under Deductions and Credits.

So remove these contributions and the penalty will go away.