Is anyone having an error with the ROTH IRA? I contributed $5,400 this year and max is $6,000 but getting an error that says I contributed beyond max and pay penalty

Forum|Forum|3 years ago
February 6, 2023
2 replies
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TurboTax Online

VolvoGirl

Level 15

How much is your W2 income? Or do you have self employment income? Do you have enough earned income from working to make the contribution?

JosephS1

Level 8

As VolvoGirl indicated, there is an income limit to the amount of contributions that can be made to a ROTH IRA. I have enclosed 3 links for you to view that can expand on that explanation. It all comes down to what is called your "Modified Adjusted Gross Income". What constitutes MAGI is also detailed in a link below:

What happens if I made an excess Roth contribution?

Amount of Roth contributions allowed per IRS

Modified Adjusted Gross Income

@scott-t-adney-gm

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