I am retired, having no earned income in 2024, and my wife earned $3600.00 from a self-employed consulting job. I have contributed all of that income to her regular IRA, but TurboTax is saying that a $3600 IRA contribution is too high, that only $3346 is allowed as a contribution based on her earned income, and that we will have an excess contribution and a penalty if we don't withdraw the excess of $254. Why would that be? I thought $7000 was allowed (we are both over 60).
