What is the 2023 Limit to contributing to both ROTH 401(k) and regular ROTH IRA?

[writermom3]

Turbo Tax says that I contributed too much in 2023 to my ROTH accounts. I have a workplace ROTH 401(k) as well as a regular ROTH IRA. I contributed a total of $6,800 in 2023 but TurboTax says I can only contribute $6,500. I thought I could contribute to both. I make less than $100k. What am I missing? Thanks!

[SteamTrain · Accepted solution]

@writermom3 

Here are the contribution limits:

Amount of Roth IRA Contributions That You Can Make For 2023 | Internal Revenue Service (irs.gov)

______________________________

But a caution:

When entering your ROTH IRA contributions on the Deductions&Credits page in the software, you DO NOT include your ROTH 401k contributions there.  That area is only for specifically- labelled IRA or Roth IRA contributions.  Your Roth 401k contributions are entered ONLY in box 12 where you enter your W-2 form...nowhere else.

i.e. a Roth 401k is NOT a Roth IRA

[dmertz · Accepted solution]

A Roth 401(k) is not a Roth IRA.  Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  Under Deductions & Credits, enter only the amount that you contributed to a Roth IRA, not any amount contributed to the 401(k).

[writermom3 · Accepted solution]

Thank you. Very helpful.

So I can clarify (maybe to help others in the future)...if you have a ROTH 401(k) you can contribute the maximum (based on age) and then also contribute the maximum of $6,500 (in my case of income and age) to a regular ROTH IRA. Does that sound correct? 

[dmertz · Accepted solution]

Correct.

[writermom3]

Thank you!!