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New Member
posted Jan 23, 2025 8:37:56 PM

Turbotax is wrong about 401K contribution limits: per IRS it is 23,000 for IRA and 7,000 for ROTH IRA, not 7,000 total for both?

I checked with my 401k plan administrator and the IRS website, both of which told me the same info above.

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1 Replies
Level 15
Jan 23, 2025 8:43:25 PM

IRAs are NOT qualified workplace plans (like 401ks, 403bs and others).  The contribution limit for an IRA is $7000, or $8000 if over age 50.

 

Contributions to a workplace plan are automatically recorded on your W-2, they are not entered anywhere else.  Only indicate that you made IRA contributions if you actually have a private (individually owned) IRA and made contributions.