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Returning Member
posted Mar 6, 2020 7:30:42 AM

TSP Contributions

My TSP account says I can contribute up to $19,500 annually.  I contributed a little over 13k this year (between a traditional and Roth IRA's).  Turbo Tax is indicating I over contributed and is saying I owe a penalty.  I'm obviously  not using Turbo Tax correctly for this.  Any help?

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2 Replies
Expert Alumni
Mar 6, 2020 7:59:19 AM

If you put the information into TurboTax in the Deduction and Credits section you need to remove the information.

 

The information for your contributions shows on your W-2 in Box 12.  You do not need to put this information in any place else.

 

Your before tax contributions have already been deducted from your Gross Pay in Box 1 of your W-2 and your Roth contributions do not receive a deduction on your tax return.

Level 15
Mar 6, 2020 8:25:19 AM

And to be clear, the TSP is not an IRA.