I understand this and I am still able to contribute the maximum amount of 6000.
The issue is not how much I have contributed. The issue is that TurboTax thinks my earned income is zero even though it has the correct amount listed under income. I've attached the message below.
Please give me an example if possible of what amount of earned income would not be able to contribute 6000 to a SEP IRA.
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Your IRA Contribution Isn't Permitted
Traditional IRAs offer some great benefits, but they have restrictions too.
You're not permitted to contribute more than the amount of your earned income. Learn More
Your traditional IRA contribution of $6,000 is more than your earned income of zero. The difference of $6,000 is considered an excess contribution. What can I do?" |
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