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My federal tax amount increases according to TurboTax when I choose to make an IRA contribution. Why would this happen?

 
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HelenaC
New Member

My federal tax amount increases according to TurboTax when I choose to make an IRA contribution. Why would this happen?

It appears that you may not be eligible or limited, to make an IRA contribution and TurboTax is generating a penalty for excess contributions. If you make excess IRA contributions, you're subject to a 6% tax.

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1 Reply
HelenaC
New Member

My federal tax amount increases according to TurboTax when I choose to make an IRA contribution. Why would this happen?

It appears that you may not be eligible or limited, to make an IRA contribution and TurboTax is generating a penalty for excess contributions. If you make excess IRA contributions, you're subject to a 6% tax.

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