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Excess IRA Contributon tax is computed when sufficient W-2 earnings are present
As I enter a Roth IRA contribution for 2023 in the amt of $7500, Turbotax computes an addition tax on Line 23 for *excess* contribution @ 6%. There is sufficient W-2 earnings present to support the contribution, and I don't see any double counting. E.g. the W-2 import did not included any IRA contribution.
‎February 8, 2024
8:12 AM