I earned enough to make the full ROTH IRA contribution for 2023. Our MAGI is below the limit, so I'm allowed the full contribution, which I made. I entered (and double-checked) my earned income in TurboTax online, and entered (and double-checked) the ROTH contribution. However, TT tells me I contributed too much, and on that screen, shows an earned income number *lower* than what I entered and can still see if I backtrack through the program to my earned income entry. Is this a glitch? Is there something else that would cause that screen to show a lower earned income number than what I entered and than what is still showing elsewhere in TT?
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Is your compensation from self-employment? If so, the amount of self-employment income available to support IRA contributions is net profit minus the amounts on lines 15 and 16 of Schedule 1.
If your compensation is instead on Forms W-2, the amount available to support IRA contributions is the amount in box 1 minus any amount in box 11.
Is your compensation from self-employment? If so, the amount of self-employment income available to support IRA contributions is net profit minus the amounts on lines 15 and 16 of Schedule 1.
If your compensation is instead on Forms W-2, the amount available to support IRA contributions is the amount in box 1 minus any amount in box 11.
Thank you very much. I missed subtracting the self-employment credit. I appreciate the help!
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