For years, I've been doing backdoor Roth IRAs. I'm now semi-retired, with uneven earnings. While I'm doing a backdoor, my question has more to do with the IRA contribution, which in my case is nondeductible.
For 2024, my W2 and 1099 earnings were less than my IRA nondeductible contribution, which I then rolled over to a Roth. Note that I received significant nonqualified deferred compensation, which from what I read does not count toward "earned income".
While I have not yet filed my taxes, Turbotax accepted this - again my contribution was less than my "earned income" (assuming my nonqualified deferred compensation receipts are not eligible). Am I looking at something wrong? Why would Turbotax accept this, without pointing out via an error message?
And if I overcontributed, since I haven't filed my taxes, can you direct me the correct process to address?
