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- 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?
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?
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sjkaccountingse
Level 1
03-21-2023
10:49 AM
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qbteachmt
Level 15
03-21-2023
12:14 PM
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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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