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Returning Member
posted May 1, 2021 7:51:02 AM

Can not get past excess info from IRA contributions form as we are unaware or had no extra investments here

we believe we gave 1200 income to roth ira .

0 1 143
1 Replies
Expert Alumni
May 1, 2021 8:14:34 AM

To clarify, you contributed $1,200 to a Roth IRA but TurboTax states that you made an excess contribution?

 

Please be aware, your Roth IRA contribution may be limited based on your filing status and income. Please see 2020 - Amount of Roth IRA Contributions You Can Make for 2020 for details.

 

Also, you need taxable compensation (wages, salary, etc.) to be able to contribute to an IRA.

 

If you have an excess contribution then you will need to remove the excess contribution plus earnings by the due date to avoid to pay the 6% penalty.

 

Please see What happens if I made a ROTH IRA contribution but my modified adjusted gross income exceeds the limit? for additional information.