Husband and I are both mid-50s. Filing jointly. We both contributed $7k to our individual Traditional IRAs in 2021 for tax year 2021. No Ross contributions. I have a work 401k plan, husband does not. After completing the IRA section, TT states 'husband has made an excess contribution of $7k and will owe 6% penalty each year money remains in IRA'.
Why is husband showing an excess contribution when he has no other retirement plans? Due to his age, he is qualified to contribute up to $7k each year.
Our adjusted gross income is > $100k.
