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Get your taxes done using TurboTax
Yes, lines 11 - 16 on the Roth IRA sheet have entries, it shows an $8,000 contribution and TurboTax calculates that the Roth IRA contribution is limited to $6,930. The return has an excess contribution calculated on Form 5329.
Your return shows one IRR and 3 conversions. Only the conversions are subtracted from your MAGI for the purpose of determining the amount you are eligible to contribute to a Roth IRA. On the Roth IRA sheet the MAGI is correctly calculated deducting the 3 conversions from your AGI.
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‎February 11, 2025
7:24 AM