Unfortunately, pensions are not included. For contributions, your Roth IRA contribution is limited to your taxable compensation for the year. Compensation includes such amounts received as wages, salaries, commissions, tips, bonuses, or net income from self-employment.
Unfortunately, pensions are not included. For contributions, your Roth IRA contribution is limited to your taxable compensation for the year. Compensation includes such amounts received as wages, salaries, commissions, tips, bonuses, or net income from self-employment.
Thank you for the answer. Now, I have to figure out how to get TurboTax fixed. It is telling me that we contributed too much because it used my military retirement in the income calculation. If my military retirement isn't included, we are well within the limits for maximum contributions to the Roth IRA.
Thanks for trying. I did call in to ask about it. I was told that I should purchase the online version rather than using the desktop version as they have different things in their programming. When I asked why I should purchase anything if the online version was wrong, I was told that I could speak to an accountant and was transferred. Unfortunately, I did not feel that waiting for 115 minutes to talk to someone was an appropriate answer. I went and checked Credit Karma taxes. It calculated the Roth correctly and is free.