Thanks for your reply. To clarify, I'm not getting a penalty message but TT is suggesting I can contribute up to $4203 to my IRA after carrying forward my excess contribution of $2797. I don't understand why the program shows my excess contribution as $4992, but then shows the amount applied to 2021 as $2797? I looked up my 2020 return and $4992 was listed on form 5329.
This is a regular IRA, not Roth.
I would like to maximize the amount I can contribute to my IRA for tax purposes, but I don't want to over-contribute and be penalized.
