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Retirement tax questions
This would seem to suggest that a $7,000 Roth IRA contribution is more than you are legally permitted to make based on the amount of your compensation or your modified AGI (MAGI) for the purpose entered into TurboTax. Your Roth IRA contribution is not permitted to exceed your compensation from working. Your eligibility to make a Roth IRA contribution also phases out above a certain MAGI based on your filing status.
See "Can You Contribute to a Roth IRA" in IRS Pub 590-A:
https://www.irs.gov/publications/p590a#en_US_2024_publink1000230975
‎February 21, 2025
10:54 AM