DanaB27
Expert Alumni

Retirement tax questions

To clarify, you contributed $1,200 to a Roth IRA but TurboTax states that you made an excess contribution?

 

Please be aware, your Roth IRA contribution may be limited based on your filing status and income. Please see 2020 - Amount of Roth IRA Contributions You Can Make for 2020 for details.

 

Also, you need taxable compensation (wages, salary, etc.) to be able to contribute to an IRA.

 

If you have an excess contribution then you will need to remove the excess contribution plus earnings by the due date to avoid to pay the 6% penalty.

 

Please see What happens if I made a ROTH IRA contribution but my modified adjusted gross income exceeds the lim... for additional information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"