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Level 1
March 21, 2023
Question

When you maxed out contributions to 457 plan and did additional contribution to Roth IRA, ProConnect shows this extra is wage but it is not. Where can I put this?

  • March 21, 2023
  • 1 reply
  • 8 views
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1 reply

qbteachmt
Level 15
March 21, 2023

It's not Wage. But it might be taxable. Have you confirmed their eligibility and their amounts? Is this a governmental employee? Did they make too much to qualify for Roth IRA? Did you check the income limits?

"for 2022, if you are age 50 or older, you can make a contribution of up to $27,000 to your 401(k), 403(b) or governmental 457(b) plan ($20,500 regular and $6,500 catch-up contributions) and $7,000 to a Roth IRA ($6,000 regular and $1,000 catch-up IRA contributions) for a total of $34,000."

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