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mdorothy
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I want to enter my Roth IRA contribution of $7000 for 2019. I’m 64 so that is the limit. TT says my contribution exceeds the maximum by $ 28 is this a bug?

 
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4 Replies

I want to enter my Roth IRA contribution of $7000 for 2019. I’m 64 so that is the limit. TT says my contribution exceeds the maximum by $ 28 is this a bug?

$7,000 is the maximum, not the limit which cannot exceed the amount of taxable compensation that you have.  It is also limited by your MAGI.

 

The most you can contribute to all of your traditional and Roth IRAs is the smaller of:

For 2018, $5,500, or $6,500 if you’re age 50 or older by the end of the year; or
your taxable compensation for the year.
For 2019, $6,000, or $7,000 if you’re age 50 or older by the end of the year; or
your taxable compensation for the year.

(Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deducible part of the SE tax, but can include commissions, alimony and separate maintenance, and nontaxable combat pay ).

See this IRS article for Roth contribution limits:

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.**

I want to enter my Roth IRA contribution of $7000 for 2019. I’m 64 so that is the limit. TT says my contribution exceeds the maximum by $ 28 is this a bug?

what is the maximum I can contribue

I want to enter my Roth IRA contribution of $7000 for 2019. I’m 64 so that is the limit. TT says my contribution exceeds the maximum by $ 28 is this a bug?

my agi was 201634

I want to enter my Roth IRA contribution of $7000 for 2019. I’m 64 so that is the limit. TT says my contribution exceeds the maximum by $ 28 is this a bug?


@my agi was 201634 wrote:

my agi was 201634


That depends on other factors, what tax year, filing status, it a MAGA (Modified AGI) not just AGI and what modifies it depends on several other things that might be in your tax return.     The best way to fined out is  make a max contribution in the IRA interview and let TurboTax calculate it.  The interview will tell if it is too much. You can go back and remove it.

**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.**
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