Question

Does number 12. AA on your W-2 represent how much your contributed to your Roth IRA?

Forum|Forum|6 years ago
June 1, 2019
2 replies
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TurboTax Deluxe Online

Yes, it is the amount contributed to your employer sponsored ROTH 401(k) plan. That amount is taxable and is already included in box 1 of your W-2.

D

dmertz

Code AA indicates a contribution to a Roth 401(k). A Roth 401(k) is not a Roth IRA. Do not enter anything reported in box 12 of your W-2 anywhere in TurboTax other than on TurboTax's W-2 form. Do not enter any of these amounts under Deductions and Credits as regular IRA contributions.

P

pebjan

What is the maximum $ amount that I can contribute to my company's Roth 401 K?

D

dmertz

The maximum Roth 401(k) contribution for 2019 was $19,000 plus, for those over age 50 in 2019, a $6,000 catch-up; it's too late to contribute for 2019 unless you are self-employed and before the end of 2019 you made the election to make the Roth contribution. For 2020 it's $19,500 plus a $6,500 catch-up.