- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Sounds great. Thanks @DanaB27 .
As I'm entering IRA info, I came across an error.
IRA Contributions Worksheet: Line 26 - Taxpayer's excess Roth IRA contribution credit should be equal to $163, the Roth IRA contribution credit from Form 5329, Part IV.
Xs Roth IRA cont cred (T): __________
What is this credit? Why is there a credit? From what I gathered by looking at the forms, I contributed $6000 to traditional IRA so I have $1000 left to reach the max $7000. I entered $837 as my Roth contribution for 2024 and that's where the $163 came from. But I don't understand why there needs to be a credit listed.
‎February 22, 2025
11:27 AM