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February 12, 2025
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Why does my Roth 401K say i can contribute up to $23,000 but turbo tax says i can only contribute $8,000 and over that i have a penalty?

  • February 12, 2025
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    Best answer by dmertz

    Your Roth 401(k) is not a Roth IRA.  Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  Remove the erroneous Roth IRA contribution entry that you made.

    1 reply

    dmertzAnswer
    Employee
    February 12, 2025

    Your Roth 401(k) is not a Roth IRA.  Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.  Remove the erroneous Roth IRA contribution entry that you made.