- April 12, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Issue with Roth IRA Contribution for 2023
H&R Block claims that I have over-contributed to my Roth IRA for 2023. I am certain that I contributed below the limit (less than $20K) and I am perplexed as to how they arrived at this conclusion.
## AI Legalese Decoder and Solving Roth IRA Contribution Discrepancies
I am an active duty member and even with Roth contributions from 2022, I wouldn’t have exceeded the cap. Does H&R Block comprehend that active duty individuals may contribute more than the annual limit designated for private sector employees?
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If you contributed ~$20K to a Roth *IRA* (through Vanguard, Fidelity, somewhere else), you definitely did over contribute.
If you’re mixing up terms and contributed to the Roth *TSP* (through deductions straight from your military pay), you’re fine, you just need to go back through H&R Block and delete references to *IRA* contributions.
IRA is not the same as TSP. Both have Roth options which frequently confuses people.
I think you’re confusing Roth IRA with Roth TSP.
You over contributed if it was to an IRA and not your TSP.
Also remember that there’s your Roth IRA ($6k limit) and the option to do a Roth TSP ($22.5k limit).
Were you in a hazardous duty area?
IRA limits for 2023 was 6500, not 20k
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