75658
You'll need to sign in or create an account to connect with an expert.
These are two different retirement accounts.
Salary deferrals for 401K (or similar employer qualified plans such as a TSP) are limited to $18,000 + $6,000 for those 50 yrs and older. These are contributions that are made through your employer and reflected as a reduction of wages on your W-2. You will also have a Box 12 code D for that contribution on the W-2. Your employer already reduced your wages and thus no taxes were paid on those amounts. You don't enter your TSP contributions anywhere else in TurboTax.
IRA's (Individual Retirement Accounts), are separate plans that you initiate on your own, separate from your employer. These are limited to the $5,500 contributions + $1,000 for those 50 yrs and older.
See links below.
https://www.tsp.gov/PlanParticipation/EligibilityAndContributions/contributionLimits.html
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
tothtamas
New Member
ProfDude
Level 1
kperez1016
New Member
briannanash1997
New Member
jmgretired
New Member