Roth IRA excess contribution

Forum|Forum|4 years ago
February 25, 2022
1 reply
10 views

I am concerned I over-contributed to my Roth IRA due to income limits. When will TurboTax tell me if I contributed too much or not?

I have finished my taxes and I am ready to file. I did not get any alerts from Turbo tax that I overcontributed. Only thing it says about my roth IRA contributions is that it isn't tax deductible. I am taking standard deduction married filing jointly.

Am I okay or am I missing something?

fanfare

Level 15

look at your tax or refund.

enter the Roth Contribution.

If your tax goes up (refund down) you contributed too much and you pay a penalty which TurboTax has added.

Anonymous

I zeroed it out and my refund did not change. So I assume I’m good then.

RaifH

Level 10

The Roth contribution limits are based on your modified AGI and you can contribute up to the maximum of $6,000, or $7,000 if you are 50 years or older if your income is under:

$198,000 if married filing jointly
$125,000 if single, head of household, or married filing separately and did not live with your spouse.

If you are married filing separately but did live with your spouse in 2021, your contribution limit is reduced and you cannot contribute at all if you earned above $10,000.

If you removed your contribution and your taxes did not change, and TurboTax never warned you that you over-contributed and need to remove the excess, you are okay as long as you do not have any additional income that you have not yet entered.