- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
The only way I can get that result is if the taxable compensation (money that you worked for) was either less than $5,500 or higher than the Roth contribution phase out amount.
I only get a penalty on $50. Go back to the IRA contribution section and un-check the IRA contribution boxes and continue to remove all contributions, then go back and re-enter.
See this IRS article for Roth contribution limits:
<a rel="nofollow" target="_blank" href="https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...>
I only get a penalty on $50. Go back to the IRA contribution section and un-check the IRA contribution boxes and continue to remove all contributions, then go back and re-enter.
See this IRS article for Roth contribution limits:
<a rel="nofollow" target="_blank" href="https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...>
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎June 3, 2019
1:13 PM