My MAGI appears to be over the limit to contribute to a Roth IRA, yet Turbotax hasn't flagged a penalty for my contributions to a Roth IRA this year despite me linking it to my brokerage account and providing all necessary details.
#1. Is the software supposed to flag this?
#2. If so, where does the flag appear?
#3. How can I be sure what Turbotax considers to be my MAGI?
Thank you!
TurboTax will give you a warning about excess contributions in the Roth IRA contribution interview if your MAGI is over the limit.
Please see Worksheet 2-1. Modified Adjusted Gross Income for Roth IRA Purposes for additional information.
TurboTax shows your MAGI for the purpose of a Roth IRA contribution on line 1 of TurboTax's Roth IRA Contribution Limit Worksheet.
If you have exceeded the permissible Roth IRA contribution, TurboTax will flag the excess as you proceed through the Roth IRA contribution section. If you had not entered all of your taxable income prior to entering the Roth IRA contribution, TurboTax might not have seen it as an excess contribution at that time.