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The contribution limit for IRA contributions Is 22,500 for FY23. Why am I over the limit?
My contribution to traditional IRA was 22500 for FY23.
An employer plan with an employee contribution limit of $22,500 is not an IRA-based plan. Enter amounts shown in box 1 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax. Remove from Deductions & Credits any entry you made there regarding these contributions.
The contribution limit for ordinary IRA contributions fro 2023 is $6,500 if under age 50 in 2023 or $7,500 if age 50 or over.
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