topic IRA vs Roth IRA in Retirement tax questions

IRA vs Roth IRA

maryd31 — Tue, 24 Feb 2026 04:04:03 GMT

Already filed my taxes and paid what I owe. However, when I filed, it told me I overfunded my retirement acct by $2554 (my total investment was $9554) and was going to start charging me for this. I am not sure I said I had an traditional IRA or a Roth IRA when I e-filed and now cannot find that info. I have checked with both the investment company and the person who handles our IRAs at work and was told by both that I am able to contribute up to $30,000 with a Roth. First, where would I find that info on my tax return, and secondly, would I need to file an amendent if I chose IRA instead of Roth IRA? Thanks so much for any help.

Re: IRA vs Roth IRA

SteamTrain — Wed, 26 Apr 2023 15:10:22 GMT

@maryd31

Sounds like you made a mistake that a number of folks do.

Your contributions at work for a 401k, or ROTH 401k are to be entered ONLY when you enter the boxes on your W-2 forms.

You do NOT enter them as IRA or ROTH IRA contributions on the Deductions &redits page.

Why Not? A 401k in NOT an IRA !! Notice how they are named entirely differently?

By entering yoru contributions to a 401k with your W-2 entries, and then again in the IRA contribution section....you thus, effectively, double-entered them

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AN IRA account is something that people can sometimes establish separately outside of their employer (exceptions being Auto-IRAs for a couple states)

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What to do now????

Since you've already filed (and if "Accepted") and paid what you owed...you can start an "Amended" tax return. After starting that, you will go to the Deductions&Credits page and remove your entries for IRA contributions. Your State tax return may need to be indicated as being amended too. I have no idea if this will end up with you owing more or not.....maybe so.

Re: IRA vs Roth IRA

dmertz — Wed, 26 Apr 2023 16:40:27 GMT

When you amend your tax return to remove the erroneously entered IRA contribution, TurboTax will simply delete the Form 5329 that originally reported an excess contribution. You'll need to prepare a corrected Form 5329 outside of TurboTax, and possibly a corrected Form 8606 as well, to show zeros where it previously showed the IRA contributions and mail them along with the Form 1040-X that TurboTax prepares.