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Line 27: Excess Roth Contribution Credit should not be more than zero error message
Getting the above error in the IRA Contribution Worksheet. Made an excess Roth contribution of $6960 in 2019 for both myself and my wife. In 2020 we didn't make any Roth contributions. Based on 2020 MAGI, TT computed that we are eligible to apply a $5600 credit each leaving $1360 in rollover into 2021. Entered all the information via Step-by-Step. When Error check is run, on the Worksheet it is giving above error for me but not for my wife. Line 26 for me is red. Forms 5329-T and 5329-S both pass the error check.
Why am I getting that error? Under the rules, I should be able to apply the $5600 allowable credit for both of us.
‎January 21, 2021
8:41 AM