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Get your taxes done using TurboTax
First of all, please understand that a workplace retirement plan, even if it has a Roth account, is not an IRA. Although they are similar, they are different under the tax code and have different rules. Workplace plans are captured on your W-2 and you do not enter them later as if they were an IRA.
Then, if your tax increased, you may be ineligible or contributed too much. Your eligibility to contribute to a Roth IRA depends on your income, your filing status, and whether you are covered by a workplace retirement plan. See this chart.
If you made an excess contribution, you can remove it before April 15 to avoid the penalty.
March 16, 2021
8:58 AM