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Excess contribution to Traditional IRA
I filed a 2019 extension & am now doing my taxes.
I am 77 years old & have been contribution to a Roth for over 15 years.
I have been receiving $9,000 taxable alimony for 27 years, which is considered "allowable income" for me to put towards a Roth.
In doing my taxes, I find out that my AGI is $135,781 and I have already put $7000. into an IRA account.
When I try to put $7,000 into a traditional IRA, TurboTax says contributions to those under 70-1/2 years of age & the money I put in is "EXCESS CONTRIBUTION." I never received this message in the past when I put my contribution into a ROTH???? How do I get this to work????
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‎July 28, 2020
2:45 PM