Solved: I contributed 6,000 to my Roth IRA, but Turbotax i...
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alexflores170
New Member

I contributed 6,000 to my Roth IRA, but Turbotax is telling me that its too high and has to be less than 10,000. Anyone have a solution?

 
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Accepted Solutions
macuser_22
Level 15

I contributed 6,000 to my Roth IRA, but Turbotax is telling me that its too high and has to be less than 10,000. Anyone have a solution?

Are you filing Married Filing Separately?  The $10K limit only applied to MFS.

 

The solution is:

1) File a joint return with your spouse if possible.

2) Request a "return of excess contribution" but the July 15 due date from the IRA trustee to avoid a penalty.

 

See:

https://www.irs.gov/retirement-plans/roth-iras

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

2 Replies
macuser_22
Level 15

I contributed 6,000 to my Roth IRA, but Turbotax is telling me that its too high and has to be less than 10,000. Anyone have a solution?

Are you filing Married Filing Separately?  The $10K limit only applied to MFS.

 

The solution is:

1) File a joint return with your spouse if possible.

2) Request a "return of excess contribution" but the July 15 due date from the IRA trustee to avoid a penalty.

 

See:

https://www.irs.gov/retirement-plans/roth-iras

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

dmertz
Level 15

I contributed 6,000 to my Roth IRA, but Turbotax is telling me that its too high and has to be less than 10,000. Anyone have a solution?

or

3) Ask the IRA custodian to recharacterize the Roth IRA contribution to be a traditional IRA contribution instead, which may or may not be deductible depending on whether you or your spouse is an active participant in a workplace retirement plan.

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