When I was using turbotax desktop for filing 2024 tax returns, it asked my about contributions to a Roth IRA. Due to my lower income for 2024, I was only able to contribute $3000.
However, I also contributed $4000 in January 2025, but intended it for 2024.
My income for 2025 is high enough to contribute $7000.
My question is, how much can I still contribute to my 2025 Roth IRA?
In my Roth IRA account, it still says I can contribute $7000. But I'm not sure because if I use the $4000 I contributed in January 2025 for 2024, then I could get a penalty. But if I keep it for 2025, then I should only have $3000 left to contribute for 2025. Is this correct?
Thanks for your help.
