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Unsure if contributed to Roth IRA in excess in 2018
I can't recall if TurboTax gave me an alert that I was making contributions in excess, therefore am wondering if there would be any documentation in the tax report to indicate. I have done calculations myself for my MAGI but am not sure if they are as accurate as what TurboTax would calculate in the back-end.
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Get your taxes done using TurboTax
A Roth IRA contribution does not actually go on a tax return, but you can enter it anyway to:
1) Tell you if your income qualifies you for a contribution and warn you if it does not.
2) Check if your income exceeds the limit to contribute to a Roth.
3) Track your contribution year-to-year if you use TurboTax every year.
4) Add the Retirement Savers Credit if you qualify.
If you entered it than you might have a "IRA Contribution Worksheet".
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Get your taxes done using TurboTax
2018 MAGI
2018 adjusted gross income before any IRA deduction plus all of the following
foreign earned income exclusion
foreign housing exclusion or deduction
excluded employer-provided adoption benefits shown on form 8839
excluded US savings bond interest shown on form 815
student loan interest deduction
tuition and fees deduction
limit $5500 ($6500 if over 50 at year end) or compensation if lower than those other limits
phase-out if income too high
1) magi
2) $120,000 if filing single or head of household, $0 if if married filing separate, $189,000 if married filing joint
3) line 1 less line 2
4) $15,000 single, head of household, or married filing separate and lived apart from spouse all of 2018, $10,009 all others
5) divide line 3 by line 4 round to 3 places do not enter more than 1.000
6) lesser of taxable compensation or $5,500 ($6,500 if 50 or older at year end)
7) multiply line 5 by line 6
😎 subtract line 7 from line 6. round up to nearest $10. if less than $200 enter $200
9) enter the contributions for 2018 to other ira's do not include simple or sep contributions
10) subtract line 9 from line 6
11) reduced Roth lesser of line 8 or line 10