I am a college student. I earned ~$5,000 from a summer job. I made a contribution of $3,000 to a Roth IRA. My understanding is that I can contribute up to the maximum ($6,000) -OR- up to my earned income (~$5,000), whichever is less. TT won't explain why it thinks I contributed to much. It just says the following:
"You need to upgrade to Turbo Tax Deluxe"
You have Additional Tax on Excess Contributions or Deductions (Form 5329).
TurboTax Free Edition does not cover this situation
1. Did I make an excessive contribution? If so, how do I find out the maximum that I am eligible to contribute so that I can withdraw the excess?
2. If I didn't make an excess contribution, how can I tell this to TT?
