The 2024 max IRA contribution by a taxpayer over age 50 is $8,000. ($7,000 regular contribution plus $1,000 catch-up contribution). I have found this stated in numerous online sources, including the IRS website. Turbotax is giving an error message and says we owe a penalty for every year we don't correct the "excess contribution" over $7,500. This bug in the Turbotax program needs to be fixed/updated for 2024. Below is paste from IRS website. The programmer did not update info from 2023 to 2024.
I spent a ridiculous amount of time on the Turbotax website trying to find a way to report their error but came up empty handed.
For 2024, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $7,000 ($8,000 if you're age 50 or older), or
- If less, your taxable compensation for the year
For 2023, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $6,500 ($7,500 if you're age 50 or older), or
