My wife had $3,200 in wages and $3,156 in business income in 2021. Our income was below the $198,000 level but when I try to input a Roth IRA contribution of $6,356 (she's over 50) TT says that max contribution is $6,133, so an excess contribution of $223. Why doesn't she get to contribute the full amount of her earned income?
The $3,156 is reduced by the deductible portion of self-employment taxes, $223.
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