@dmertz
For 2023 I contributed $4,250 to a Roth IRA. Right now I'm working on my taxes in TurboTax 2023 Home & Business and entered this Roth contribution and it said that the entire contribution of $4,250 was an excess contribution... but my small business NET profit for 2023 was $12,500 and within TurboTax my Form 1040 currently shows a $7,562 Adjusted Gross Income for 2023. After the $13,850 Standard Deduction however it is showing my "taxable income" as 0... is this the problem? It's still showing that I'll owe about $1,600 in federal taxes though even with taxable income at 0.
I thought IRA contributions were based off of NET earnings not taxable income... should I do itemized deductions instead of the standard deduction to fix this?
