I will answer what I can, and then I'd like you to clarify a couple of questions.
You are correct on some issues.
- Yes it was after tax dollars.
- Yes in Tax Year 2023 - you can contribute $6,500 if you're under age 50 / $7,500 if you're age 50 or older.
- You stated that your income was within the limits. This limit is not your income.
- The calculation is done based on (M)oditied (A)djusted (G)ross (I)ncome MAGI.
- Line 11 of your 1040 is your AGI. This number is adjusted to get MAGI.
- MAGI is adjusted gross income (AGI) plus these,
- Untaxed foreign income,
- Non-taxable Social Security benefits, and
- Tax-exempt interest.
- MAGI doesn't include Supplemental Security Income (SSI).
- Once you have determined MAGI you can see this IRS Roth Contribution Table to determine the maximum contribution.
Please clarify your question.
Unfortunately, we can't see your screen to see where you are, so I'll have to ask you a couple of questions.
- Do you know what your taxable income (line 15 of the 1040 was before, and after posting the ROTH contribution?
- Can you identify any other changes after you made the contribution?
You can preview your tax return by going to:
- On the menu bar on the left that shows.
- Select Tax Tools
- On the drop-down select Tools
- On the popup menu
- Select View Tax Summary
- On the left sidebar
- Select Preview my 1040.
- Schedules 1,2 & 3 are included if you scroll down past your 1040.
- To return to the entry screens press Back on the sidebar.
Some key numbers on your 1040 tax return are:
Line 15 - Taxable Income
Line 24 - Total Tax.
Line 25 d - Withholdings.
Line 26 - Estimated tax payments
Line 33 - Payments including Credits.
Line 34 - Overpayments.
Line 37 - Tax owed.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
