For 401k plans see IRS publication 525 page 9. The limit is 18,000 (24,00 if over 50) for 401k plans
https://www.irs.gov/pub/irs-pdf/p525.pdf
For IRA Contributions the limit is 5,500 (6,500 if over 50) see Pub 590-A
https://www.irs.gov/pub/irs-pdf/p590a.pdf
For 401k plans see IRS publication 525 page 9. The limit is 18,000 (24,00 if over 50) for 401k plans
https://www.irs.gov/pub/irs-pdf/p525.pdf
For IRA Contributions the limit is 5,500 (6,500 if over 50) see Pub 590-A
https://www.irs.gov/pub/irs-pdf/p590a.pdf
I contributed $5,743.58 in traditional 401K and $1,944.64 in a ROTH IRA. Seems like both should be within the limit. Is there something I am missing?
Why? Are you getting an Excess Contribution message? Oh, you don't enter the 401k in the Deduction section. You only enter it from the W2 nowhere else. Only enter the ROTH IRA under Deductions and Credits.
Yep, excess contribution message. Sweet thanks! I got confused and thought I had a ROTH IRA, not knowing that a ROTH 401K was a thing and actually what I have along with a traditional 401K.
So you have both a regular 401K and a ROTH 401K? Then you don't enter either of them in Deductions. You only enter them from your W2.
Totally different. 401(k)'s are employer sponsored retirement accounts. IRA's are personal accounts they each have their own limits.
See this IRS article for Roth contribution limits:
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...