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Level 2
posted Jul 15, 2020 4:38:36 PM

Retirement

I have a payroll deduction to an IRA through my job with a total contribution below what my financial advisors say is the limit per year. I also have a contribution to a Roth account at or below the limit for my age.  Why is turbo tax giving me a MAGI higher that our combined income? Why is it telling me I over contributed by a very large amount.

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1 Replies
Level 15
Jul 16, 2020 12:02:31 PM

Enter amounts shown in box 12 of your W-2 only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.