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Retirement tax questions
The permitted Roth contribution for 2019 is 7000 if you are over 65; I am over 65; my schedule C income was over $10,000 with over $500 in W2 income, so my total earned income was way higher than $7,000. Therefore on April 2, I contributed $7,000 to my Roth for 2019; but when I put $7,000 into field for Roth Contributions in 2019 TTax it calculated that $3,500 was "disallowed" and added tax on this. Why is $3,500 disallowed under this circumstance?
‎April 3, 2020
6:52 AM