turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

meyeraly
New Member

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

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

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

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.  

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies