turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Education: Credits & Reporting on Mar 26! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

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

Why does my Roth 401K say i can contribute up to $23,000 but turbo tax says i can only contribute $8,000 and over that i have a penalty?

 
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 Best answer

Accepted Solutions
dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Why does my Roth 401K say i can contribute up to $23,000 but turbo tax says i can only contribute $8,000 and over that i have a penalty?

Your Roth 401(k) is not a Roth IRA.  Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  Remove the erroneous Roth IRA contribution entry that you made.

View solution in original post

1 Reply
dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Why does my Roth 401K say i can contribute up to $23,000 but turbo tax says i can only contribute $8,000 and over that i have a penalty?

Your Roth 401(k) is not a Roth IRA.  Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  Remove the erroneous Roth IRA contribution entry that you made.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question