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dmertzAnswer
Level 15
Jun 1, 2019 3:56 AM UTC

That screen appears to be a truly bizarre way of indicating that Wayne's proposed contribution (or maybe Shirley's contribution) is an excess contribution, perhaps because one of you was age 70½ or older in 2016.  The 6% penalty for an excess $6,500 contribution is $390.

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dmertzAnswer
Level 15
Jun 1, 2019 3:56 AM UTC

That screen appears to be a truly bizarre way of indicating that Wayne's proposed contribution (or maybe Shirley's contribution) is an excess contribution, perhaps because one of you was age 70½ or older in 2016.  The 6% penalty for an excess $6,500 contribution is $390.

waynemholtAuthor
Level 2
Jun 1, 2019 3:56 AM UTC
Great answer.  Yes, Wayne is 71.  Guess I'm surprised the software did not catch that and not recommend the IRA??
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