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Level 2

Question

Backdoor Roth IRA

Forum|Forum|5 years ago
February 19, 2021
1 reply
0 views

Need some help. For many years, my wife has been contributing to a traditional IRA, then uses a backdoor Roth IRA conversation to move it to her Roth IRA. For this year, when I input the information into TurboTax, I get the warning that our MAGI is too high, and it's now an excess contribution. Did something change for tax year 2020, or am I missing something in the entry of it? My MAGI has not changed significantly.

Thanks for any help.

Level 15

No big changes from 2019.

The right to make contributions is gradually phased out as income rises between $196,000 and $206,000 for Married Filing Jointly.

Click this link for info on IRA Contribution Limits this year.

Did you have Deductions in 2019 you don't have in 2020? You could compare returns side-by-side to spot differences.

This link gives details on various ways to handle Excess Roth IRA Contributions .

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