@Matthew_JS wrote:
I've followed all the steps for entering a Backdoor Roth. It gives an error stating I must have more than $0 income to contribute to an IRA. Of course I wouldn't be doing a Backdoor Roth if I had $0 income, since folks do this when income is too high. Looks like a software problem....
Is anyone else having this error? When will Turbotax get software fixed?
What kind of income do you have?
Income for IRA contributions is taxable compensation.
(Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deductible part of the SE tax, but can include commissions, certain alimony and separate maintenance, and nontaxable combat pay ).
**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.**
