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What in max allowed IRA & Roth contribution in 2017?

Forum|Forum|7 years ago
June 3, 2019
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Turbotax says I contributed too much in 2017 to trad IRA and Roth IRA; my amount was $7332.00; my employer says Fed law allows way more than that, $18,500/yr allowed; anyone with the right answer?

TurboTax Deluxe Windows

Best answer by MinhT1

The maximum contribution to an IRA account (Traditional or Roth) is $5,500 (+ $1,000 if age 50 or over).

The maximum employee contribution to a 401(k) plan is $18,000 (+ $6,000 if age 50 or over).

Please read this TurboTax article on Retirement savings:

https://turbotax.intuit.com/tax-tips/retirement/boost-your-retirement-savings/L3lryQHVz

macuser_22

Employee

It sounds like you entered your employer sponsored plan contributions in the IRA contributions sections. They are NOT an IRA and should only be reported in box 12 on your W-2, nowhere else.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

M

MinhT1Answer

The maximum contribution to an IRA account (Traditional or Roth) is $5,500 (+ $1,000 if age 50 or over).

The maximum employee contribution to a 401(k) plan is $18,000 (+ $6,000 if age 50 or over).

Please read this TurboTax article on Retirement savings:

https://turbotax.intuit.com/tax-tips/retirement/boost-your-retirement-savings/L3lryQHVz

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