My employer maintains a pension plan which mandatory contributes a percentage from my paycheck. I also squirrel away $6000 per year to my Roth account. Does anyone know why Turbotax calculates a penalty when my contribution towards my Roth is less than the $6500 limit? No distributions or withdrawals.
Well, you've probably done the obvious already and confirmed you entered the correct year for your birthday in the Personal Info section. So lets see if it's because you earned to much income. See the chart at https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2017