3503721
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

i am 20 and just entered into the roth ira section a $7000 contribution. Before entering I did not owe any fed or state taxes, after entering i now owe $300 in federal.

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

i am 20 and just entered into the roth ira section a $7000 contribution. Before entering I did not owe any fed or state taxes, after entering i now owe $300 in federal.

This would seem to suggest that a $7,000 Roth IRA contribution is more than you are legally permitted to make based on the amount of your compensation or your modified AGI (MAGI) for the purpose entered into TurboTax.  Your Roth IRA contribution is not permitted to exceed your compensation from working.  Your eligibility to make a Roth IRA contribution also phases out above a certain MAGI based on your filing status.

 

See "Can You Contribute to a Roth IRA" in IRS Pub 590-A:

https://www.irs.gov/publications/p590a#en_US_2024_publink1000230975

View solution in original post

1 Reply
dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

i am 20 and just entered into the roth ira section a $7000 contribution. Before entering I did not owe any fed or state taxes, after entering i now owe $300 in federal.

This would seem to suggest that a $7,000 Roth IRA contribution is more than you are legally permitted to make based on the amount of your compensation or your modified AGI (MAGI) for the purpose entered into TurboTax.  Your Roth IRA contribution is not permitted to exceed your compensation from working.  Your eligibility to make a Roth IRA contribution also phases out above a certain MAGI based on your filing status.

 

See "Can You Contribute to a Roth IRA" in IRS Pub 590-A:

https://www.irs.gov/publications/p590a#en_US_2024_publink1000230975

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question