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New Member
posted Feb 5, 2021 6:36:04 PM

To the question "DID YOU MAKE A ROTH IRA CONTRIBUTION FOR 2020?" … how do I answer if I already entered payroll deductions for Roth 401k shown on W2 form?

Do I answer YES, and re-enter the same dollar amount already entered from W2?  Or answer NO, since the amount was already entered from the W2?

0 2 204
2 Replies
Employee Tax Expert
Feb 6, 2021 7:28:54 AM

You would enter NO if your only exposure to a Roth account was through payroll deductions to a Roth 401k.

 

A Roth 401k and a Roth IRA are two separate types of accounts.  Entering the information on your W-2 showing that you contributed money to a Roth 401k through payroll deductions is all you need to do.

 

Making a contribution to a Roth IRA would be done outside of your job by opening an IRA with a financial custodian and making direct contributions to the account.  If you did have a separate Roth IRA, then you would enter the contributions you made in your return.

Level 2
Feb 10, 2024 10:09:02 AM

Thanks for this answer; they still word the question the same way and, like so many forms, we're seemingly asked for the same information over and over again.

 

I find far too many questions in Turbo Tax ambiguous, like this one... They could easily clarify the question by adding "not included on your W2."