Roth IRA and 457

Forum|Forum|3 years ago
January 28, 2023
1 reply
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Looking for some help here .

I currently have a Roth IRA that I contributed $1k to in 2022 and a Roth 457 that I contributed $3125 to in 2022 also. So combined Roth contributions I made $4125. Both accounts opened in 2022. and I only contribute not my employer or anyone else. No deductions or withdrawals made from either account.

1st Question . Do I even need to report these contributions ? I ask because I received a form 5498

2nd Question. I entered the info in deductions & credits under retirement and investments and before I was done it said that I contributed to much and owe 6% ($14) every year until I reduce the amount. I thought I was able to contribute $7k each year (I'm over 50)

Any help would be appreciated.

Not A Product Question

Best answer by dmertz

The Roth IRA and Roth 457(b) are completely independent. Contributions to one do not affect the amount that you are eligible to contribute to the other.

The contributions to the Roth 457(b) are already reported with code EE in box 12 of your W-2. Enter this only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax. A 457(b) is not an IRA. Go back and remove this amount from where you reported your Roth IRA contribution.

dmertzAnswer

Level 15

The Roth IRA and Roth 457(b) are completely independent. Contributions to one do not affect the amount that you are eligible to contribute to the other.