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E
emilyfproud
January 24, 2025
Question

Turbotax is wrong about 401K contribution limits: per IRS it is 23,000 for IRA and 7,000 for ROTH IRA, not 7,000 total for both?

  • January 24, 2025
  • 1 reply
  • 0 views
I checked with my 401k plan administrator and the IRS website, both of which told me the same info above.

    1 reply

    O
    Opus 17
    Employee
    January 24, 2025

    IRAs are NOT qualified workplace plans (like 401ks, 403bs and others).  The contribution limit for an IRA is $7000, or $8000 if over age 50.

     

    Contributions to a workplace plan are automatically recorded on your W-2, they are not entered anywhere else.  Only indicate that you made IRA contributions if you actually have a private (individually owned) IRA and made contributions. 

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