topic TSP Contributions in Retirement tax questions

TSP Contributions

nelbo1 — Fri, 06 Mar 2020 15:30:42 GMT

My TSP account says I can contribute up to $19,500 annually. I contributed a little over 13k this year (between a traditional and Roth IRA's). Turbo Tax is indicating I over contributed and is saying I owe a penalty. I'm obviously not using Turbo Tax correctly for this. Any help?

Re: TSP Contributions

DianeC958 — Fri, 06 Mar 2020 15:59:19 GMT

If you put the information into TurboTax in the Deduction and Credits section you need to remove the information.

The information for your contributions shows on your W-2 in Box 12. You do not need to put this information in any place else.

Your before tax contributions have already been deducted from your Gross Pay in Box 1 of your W-2 and your Roth contributions do not receive a deduction on your tax return.

Re: TSP Contributions

dmertz — Fri, 06 Mar 2020 16:25:19 GMT

And to be clear, the TSP is not an IRA.