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lisa
New Member

I am over 50 and should be able to contribute $8k to my Roth, when I enter $7k no extra tax but $8k my tax goes up like there is additional tax. Why?

There is a 6% tax with excessive contributions. This increased amount seams similar. I wonder if it’s a glitch in the TurboTax system.
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2 Replies

I am over 50 and should be able to contribute $8k to my Roth, when I enter $7k no extra tax but $8k my tax goes up like there is additional tax. Why?

@lisa 

 

Any chance your income is in the phase-out range?

Check the tables here:

 

Traditional and Roth IRA Contribution Limits | Fidelity Investments

__________________________________

Assuming you were born in 1975, or earlier...and it was an actual ROTH IRA.

 

IF not the issue  (probably not or the excess would record for the $7k too)

Call Customer Support for investigation, and get a repair ticket issued:

How do I contact TurboTax?

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
dmertz
Level 15

I am over 50 and should be able to contribute $8k to my Roth, when I enter $7k no extra tax but $8k my tax goes up like there is additional tax. Why?

The other possibility is that you have only $7,000 of compensation to support an IRA contribution.

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