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I contributed 6,000 to my Roth IRA, but Turbotax is telling me that its too high and has to be less than 10,000. Anyone have a solution?
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June 5, 2020
1:51 PM
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Retirement tax questions
Are you filing Married Filing Separately? The $10K limit only applied to MFS.
The solution is:
1) File a joint return with your spouse if possible.
2) Request a "return of excess contribution" but the July 15 due date from the IRA trustee to avoid a penalty.
See:
https://www.irs.gov/retirement-plans/roth-iras
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
June 5, 2020
2:20 PM
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Retirement tax questions
or
3) Ask the IRA custodian to recharacterize the Roth IRA contribution to be a traditional IRA contribution instead, which may or may not be deductible depending on whether you or your spouse is an active participant in a workplace retirement plan.
June 5, 2020
5:47 PM
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