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Turbo tax is asking both my wife and I to add our roth contributions for the year . When I do , it increases the amount I owe to the government . Do I have to show?

I have a 403b roth and she has a 401k roth through  our respective jobs.  Thank you
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5 Replies

Turbo tax is asking both my wife and I to add our roth contributions for the year . When I do , it increases the amount I owe to the government . Do I have to show?

No do not enter those in Deductions & Credits.  That is only for IRA contributions you make outside of work.  Only enter them from the W2, nowhere else. So delete them.  

DanaB27
Expert Alumni

Turbo tax is asking both my wife and I to add our roth contributions for the year . When I do , it increases the amount I owe to the government . Do I have to show?

No, please do not enter the 403b Roth and 401k Roth contributions under Roth IRA contributions. All you need to do is enter your W-2 during the interview. The contributions are already listed on your W-2 box 12. 

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Turbo tax is asking both my wife and I to add our roth contributions for the year . When I do , it increases the amount I owe to the government . Do I have to show?

Ah yes that makes sense thank you .  But we both also contributed separately from our jobs and have individual Roth Ira contributions .  Those i will and have to enter in those boxes correct?  Thank you in advance

DanaB27
Expert Alumni

Turbo tax is asking both my wife and I to add our roth contributions for the year . When I do , it increases the amount I owe to the government . Do I have to show?

Yes, you will enter your Roth IRA contributions (that were contributed separately from your jobs) during the IRA contribution interview.

 

Please see What happens if I made an excess Roth IRA contribution for additional information.

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Turbo tax is asking both my wife and I to add our roth contributions for the year . When I do , it increases the amount I owe to the government . Do I have to show?

An IRA is an individual retirement arrangement, it is controlled by completely different sections of the law than qualified workplace retirement plans. Your workplace plans are already recorded on your W-2 and that is the only place they are recorded.

 

If you separately made contributions to private IRA accounts, you may include them in TurboTax. If that results in increased tax or a decreased refund, that probably means you are being penalized for excess contributions—contributions that are more than allowed based on your other tax circumstances.  We can give you information on how to handle that if you need to.  

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