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New Member
posted Mar 26, 2024 12:51:31 PM

What is the annual limit for IRA/Roth contributions? I'm under 50, and TurboTax is claiming its only $6500. My payroll department suggested it was $22,500. Which is wrong

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1 Replies
Level 15
Mar 26, 2024 12:56:34 PM

A IRA is not the same as your 401K or Simple IRA deductions at work.  Yes a personal IRA under 50 is 6,500.  A W2 401K is 22,500.  Do not enter any job contributions as a IRA under Deductions & Credits.  Only enter it from your W2 nowhere else.  Only enter IRA contributions you make outside of work as a deduction.