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What's the correct total limit for 401K and Roth IRA contribution? Turbotax says it is 5500 but IRS and turbotax gives 18000 limit elsewhere. Horrible contradiction.

Forum|Forum|7 years ago
June 6, 2019
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Best answer by VolvoGirl

For 401k plans see IRS publication 525 page 9. The limit is 18,000 (24,00 if over 50) for 401k plans
https://www.irs.gov/pub/irs-pdf/p525.pdf

For IRA Contributions the limit is 5,500 (6,500 if over 50) see Pub 590-A
https://www.irs.gov/pub/irs-pdf/p590a.pdf

VolvoGirlAnswer

Employee

For 401k plans see IRS publication 525 page 9. The limit is 18,000 (24,00 if over 50) for 401k plans
https://www.irs.gov/pub/irs-pdf/p525.pdf

For IRA Contributions the limit is 5,500 (6,500 if over 50) see Pub 590-A
https://www.irs.gov/pub/irs-pdf/p590a.pdf

F

fanguejr-markAuthor

I contributed $5,743.58 in traditional 401K and $1,944.64 in a ROTH IRA. Seems like both should be within the limit. Is there something I am missing?

macuser_22

Employee

Totally different. 401(k)'s are employer sponsored retirement accounts. IRA's are personal accounts they each have their own limits.

See this IRS article for Roth contribution limits:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...

**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.**