My wife began receiving soc sec in June 2018. Vanguard has both our retirement accounts and stated it's OK with the IRS for her to contribute to both my IRA and her IRA up to the $13,000 per couple limit. We are filing a joint return. Vanguard claims the $13K deduction is permitted. How can I enter this correctly in Turbo-tax? I retired in 2014. We were careful to have health insurance coverage thru her employer and then thru medicare to avoid the coverage gap penalty.
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Was this a traditional IRA you contributed to? You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA regardless of your age. If it was a contribution to a Roth IRA then please double check that it was entered as a Roth IRA contribution in TurboTax.
An excess IRA contribution occurs if you:
Excess contributions are taxed at 6% per year as long as the excess amounts remain in the IRA. The tax can’t be more than 6% of the combined value of all your IRAs as of the end of the tax year.
To avoid the excess contributions tax:
Was this a traditional IRA you contributed to? You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA regardless of your age. If it was a contribution to a Roth IRA then please double check that it was entered as a Roth IRA contribution in TurboTax.
An excess IRA contribution occurs if you:
Excess contributions are taxed at 6% per year as long as the excess amounts remain in the IRA. The tax can’t be more than 6% of the combined value of all your IRAs as of the end of the tax year.
To avoid the excess contributions tax:
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Garbanzor29
Level 2
SoCalRetiree
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Chrissenior1952
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donaldjsa
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hynrel53
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