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scoomes
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Why does Turbotax say that the $1,425 I put in my Roth in 2024 is an excess contribution beyond the $10,000 limit? Is this a bug or am I missing something?

 
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Why does Turbotax say that the $1,425 I put in my Roth in 2024 is an excess contribution beyond the $10,000 limit? Is this a bug or am I missing something?

Maximum contribution to all IRAs is $7,000, or $8,000 if you are over age 50.  But you can never contribute more than your compensation from working (wages or self-employment income), so your contribution limit might be less than $7,000 if your wages are less.

 

A Roth account inside a 401k or 403b workplace plan has different limits.

 

If you contributed $1425, and the entire amount is flagged as "excess", that means Turbotax is not seeing compensation from work.  Are you unemployed?  Or self-employer but your net profit is close to zero or negative?  Or did you enter your IRA contribution before you entered your income?

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