Where do I enter my Simple IRA contributions. I'm allowed $14k for 2022 and contributed $11,400 and TurboTax is telling me I went over my limit

Forum|Forum|3 years ago
February 22, 2023
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Turbo tax somehow thinks I have a MAGI limit of $78000 for this section so I think I'm entering it in the wrong place?

TurboTax Deluxe Online

Best answer by Vanessa A

You will not enter the standard contribution portion into TurboTax. The only part that is tax deductible is the portion made via your paycheck as a salary reduction. This is amount is excluded from box 1 of your W2. The employee contributions that you make outside of your paycheck are not tax deductible.

LindaS5247

If you made a Traditional or Roth IRA contribution, you'll enter the amounts as follows:

Clicking on the Federal Taxes tab
then Deductions & Credits
then scroll down to Retirement & Investments and
select Traditional & Roth IRA Contributions
Then follow the prompts

You can also access this entry by:

Sign into your TurboTax account.
Open or continue to your return.
In the search bar, type IRA contributions and select the Jump to link in the search results.
We'll take you to the Traditional IRA and Roth IRA screen, where you can start the IRA interview.

In order to contribute to a Roth IRA, you must have earned income. Single tax filers must have a modified adjusted gross income (MAGI) of less than $144,000; if married and filing jointly, your MAGI must be less than $214,000 for 2022. The amount of money you can contribute per year is based on your income level.

Click here for additional information on Deductions Allowed for Contributions to an IRA.

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amy_blakeleyAuthor

Hi Linda! I do NOT have a Traditional IRA. I have a SIMPLE IRA, which is like a 401(k) and can make pre-tax contributions from paycheck plus contribute outside of the paycheck via a standard contribution just like an IRA. The 2022 limit for Simple IRAs is $14,000.