Hi,
I made $1534 doing freelance work in 2023 and I assumed I could contribute all of it into my roth IRA.
Turbotax is telling me now that I had an excessive contribution of $109.
This amount happens to be the same as the Earned Income Credit, so I think it’s what’s causing the discrepancy.
Ideally, I would like to just opt out of this credit so there’s no excess contribution but after a quick google search, it doesn’t seem like this is an option.
Am i seeing the problem correctly and if so, do I have any options to avoid the hassle of withdrawing the excess contribution?
I lost a ton of money this year in my account day trading, so I did not make any earnings, so do I just withdraw the $109 and file the form 1099-R in the tax year 2024? Turbotax software says the easiest thing to do is file the form 1099-R in the tax year 2023, but I’m concerned I wont get the form in time before April 15th.
Thanks
