I am contributing to a university sponsored Roth IRA, I am allowed to contribute around $22,000 annually and not be penalized.
I called them to make sure about this.
I contributed around $9,800 in 2023 but when I enter that amount in the program it says I am being penalized for everything over $7,500.
What am I doing wrong?
The account to which you made employee contributions is not a Roth IRA but is instead a designated Roth account in a 401(k), 403(b) or 457(b). Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax. Go back to Deductions & Credits and remove the mistaken entry that you made there.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
