topic Re: roth 401k vs roth in Retirement tax questions

roth 401k vs roth

raunam01 — Fri, 19 Mar 2021 18:20:49 GMT

Hello- If i contribute to a Roth IRA by way of my employers 401k plan do I still enter yes that I contributed to a Roth IRA? We took advantage of the covid 401k withdrawl and it seems to have put us over the limit for Roth contributions. TT is telling me I can withdraw it but when I called the firm that manages the retirement plan they said there is a difference and it is not a "Roth IRA" it is ""401K Roth IRA". So should I just not check the box referring to Roth IRA

Re: roth 401k vs roth

dmertz — Fri, 19 Mar 2021 18:36:06 GMT

The Roth account in your employer's 401(k) plan 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. Go back and remove this from where you entered it under Deductions & Credits.

Re: roth 401k vs roth

Irene2805 — Fri, 19 Mar 2021 18:41:41 GMT

Do not check the box referring to a Roth IRA. Please see the explanation given by Champ Opus 17 in an answer to a similar question: Is Roth 401k contributions the same as Roth IRA?