TT wants the IRA earnings of $209 recorded as credit for ROTH IRA, yet our AGI exceeds the limit and we can't contribute. I've entered 0 instead, is that correct?

posted

You are only entering Roth IRA contributions in the IRA contribution section if you actually made a contribution for 2020.

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I don't understand your reply. My question is about why it wants me to apply the earnings as a credit to ROTH IRA Account. I have entered that I want $0 of the earnings on to be applied as credit to the Roth IRA since I am not eligible to contribute due to AGI limits (funny that TT doesn't know that my AGI is too high).

I was not aware that as a retired person with no earned income, I was not allowed to contribute to a Roth IRA. I contributed $7,000 this year. Now what?

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TT wants the IRA earnings of $209 recorded as credit for ROTH IRA, yet our AGI exceeds the limit and we can't contribute. I've entered 0 instead, is that correct?