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Level 2

Question

Roth IRA

Forum|Forum|6 years ago
January 31, 2020
1 reply
10 views

We contributed 25K to a company managed Roth IRA. Turbo tax is highlighting that to too much & can only contribute 7K. Fidelity stated that a company run Roth can contribute higher amounts (25K) and that this is an ongoing TurboTax problem which has been going on for the past few years. ??????

Level 15

This appears to be a company 401K (Roth) which has higher limits than IRA's.

So do not enter any amounts in the IRA contribution section as this is incorrect.

When the W-2 is entered from your employer the 401K contribution is already enter.