Since both my husband and I are over 50 and have a combined earned income of over $14K, my understanding is that our allowed contribution would be $14K. TT is suggesting I can still make an IRA contribution of $4203, but I'm not clear why since my previous year's excess contribution was $4992 which would make my contribution $9195? The program shows the amount applied to 2021 as $2797.
Maybe there's something I'm not considering, but when I look at my husband's excess contribution ($3164) and the amount TT suggests he is allowed to contribute ($3836), it equals $7K. Why is mine not the same? Is there an error in the program?
