Question

TSP Contributions

Forum|Forum|6 years ago
March 6, 2020
1 reply
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My TSP account says I can contribute up to $19,500 annually. I contributed a little over 13k this year (between a traditional and Roth IRA's). Turbo Tax is indicating I over contributed and is saying I owe a penalty. I'm obviously not using Turbo Tax correctly for this. Any help?

D

DianeC958

If you put the information into TurboTax in the Deduction and Credits section you need to remove the information.

The information for your contributions shows on your W-2 in Box 12. You do not need to put this information in any place else.

Your before tax contributions have already been deducted from your Gross Pay in Box 1 of your W-2 and your Roth contributions do not receive a deduction on your tax return.

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