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Turbotax says I have penalty for contributing too much in our IRA
We are retired but also had "other reportable income" for helping to settle a family estate. The IRS clearly says this is taxable income. My wife was paid $7000 for this, which we put under "other reportable income" where TurboTax actually says to put it "if you're not in the business of being an executor." We put $6200 into a Roth for her. Yet apparently TT doesn't recognize this $7000 as earned income because it says my wife has overpaid $6200 into the Roth. This looks to me like a software glitch. TT, please fix this ASAP.
‎January 25, 2024
11:00 AM