Service Academy cadet with 2023 W-2 wages of $7500 is getting an excess Roth IRA contribution error for putting $700 in his Roth in 2023. Any ideas?

[cb411]

This is his (my son's) 2nd year filing, and I don't have many other details of his 2022 or 2023 return. Just seems like a TT classification issue more than exceeding an IRS limit...

[DanaB27]

To clarify, you entered your son's W-2, with $7,500 shown in box 1, and then entered the $700 Roth IRA contribution in the IRA contribution interview but get a warning that he had an excess Roth IRA contribution?

For 2023 the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

• $6,500 ($7,500 if you're age 50 or older), or
• If less, your taxable compensation for the year