We've contributed to Roth IRAs for a long time, but this year TT is telling me I've made excess contributions because we didn't have enough Earned Income. I am retired, have a pension, but didn't do any freelance work in past year, so the only W2- or 1099NEC-reported income (Earned Income, I suppose) is her part-time employment. That was less than $16K for the year. Is that the crux of this? And, if so, should I just pay the IRS penalty or pull the "excess" back out of my IRA?
I know I should've run into this three months ago so I'd have plenty of time to rectify, but I have very little confidence that Victory Cap. isn't going to screw this up if/when I do call them to fix/reverse the excess contributions to my IRA.
