Because Roth IRA contribution amounts are limited to your earned income, if your return reflects a $6,250 contribution to a 401k, then your Roth IRA contribution would exceed your earned income and thus would be an excess contribution and subject to penalty.
Because you were able to review the Contribution Worksheet, we assume you are using TurboTax CD/download for Business. To delete your 401k entry, follow these steps:
- Go to Business, then Business Income and Expenses
- Scroll down the page to Less Common Business Situations
- Select Self Employed Retirement. Review your entries and delete what is not necessary.
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