Using TurboTax on windows 11
Enter Roth contributions - $50.
Did not switch from Roth to Trad
Don't track Roth IRA basis
No excess Roth contributions
I entered value of Roth IRA Dec 31, 2021 $nn,nn
Your Roth contribution was too high!
I don't understand.
Your Roth IRA contribution can be limited in a few ways:
If you are not eligible to contribute to a Roth in 2021, you can pull out the contribution and any earnings before the tax return due date to avoid any penalties.
@habu72 wrote:
That's true. I am retired and have no W2.
Only income is SS and Pension.
Thanks
To make a Roth contribution you must have compensation, that generally means income earned from performing a service or providing goods. You could, for example, go to work at HappyMart for a week as a greeter, make $150, and then contribute the entire $150 to a tradition or Roth IRA. But you must have some kind of earned compensation.
You can do a rollover from a traditional IRA to a Roth IRA, because a rollover is different from a contribution.
Your Roth IRA contribution can be limited in a few ways:
If you are not eligible to contribute to a Roth in 2021, you can pull out the contribution and any earnings before the tax return due date to avoid any penalties.
That's true. I am retired and have no W2.
Only income is SS and Pension.
Thanks
@habu72 wrote:
That's true. I am retired and have no W2.
Only income is SS and Pension.
Thanks
To make a Roth contribution you must have compensation, that generally means income earned from performing a service or providing goods. You could, for example, go to work at HappyMart for a week as a greeter, make $150, and then contribute the entire $150 to a tradition or Roth IRA. But you must have some kind of earned compensation.
You can do a rollover from a traditional IRA to a Roth IRA, because a rollover is different from a contribution.