2513173
I'm trying to determine the amount of excess contributions that were made to my ROTH IRA. On the Roth IRA contribution limit worksheet ( and in the ROTH IRA input section) the MAGI is equal to my AGI. The amount of 1/2 of my self employment tax was not added back in. Is this an error in the turbo tax program?
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You are correct that your MAGI does include one-half of the self-employment tax among other things. The starting point in determining MAGI is AGI. Do you know the amount of your AGI at this point? In other words, you will likely need to complete your return in full so that TurboTax can calculate your MAGI. Follow-up with additional information.
There is no error. For the purpose of a Roth IRA contribution, the deductible portion of SE tax is not to be added back.
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