topic 401k contribution penalty in Retirement tax questions

401k contribution penalty

Jeff_Bischoff — Thu, 06 Jun 2019 10:25:06 GMT

Turbo Tax is telling me I have over-contributed, and I will pay a penalty; however, I have not reached 18k. Why is that?

Do not enter your 401(k) contributions under Deductions &...

dmertz — Thu, 06 Jun 2019 10:25:07 GMT

Do not enter your 401(k) contributions under Deductions & Credits. Your 401(k) is not an IRA. Any amounts shown in box 12 of your W-2 are to be entered only on TurboTax's W-2 form.

Re: Do not enter your 401(k) contributions under Deductions &...

Emile — Thu, 19 Sep 2019 13:32:58 GMT

OK. This was done. But the total amount of contribution was declared as excess and I paid a penalty of $53.

I am 72. Still working. Still contributing. What to do?

Re: Do not enter your 401(k) contributions under Deductions &...

dmertz — Thu, 19 Sep 2019 15:11:39 GMT

If you reported an IRA contribution on your tax return that you did not make, amend your tax return. Contributions to a 401(k) are not contributions to an IRA.