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Level 2
March 28, 2022
Question

tradional ira

  • March 28, 2022
  • 1 reply
  • 4 views

my sister is 62 and put $7000 in her traditional IRA which should  be allowed... however now turbo tax says she has to pay money back.... as a penalty?? why

    1 reply

    Level 15
    March 28, 2022

    How much was her earned income?

    Level 2
    March 28, 2022

    she is retired... she only made $413

     

    Level 15
    March 28, 2022

    You can only contribute an amount equal to your earned income or $6000 whichever is less.