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slmcwalsh
New Member

Turbo tax is erroneously saying that my husband over contributed to his traditional IRA. He did not. What is causing this?

He is 50+ and contributed $8,000, and is not employed.
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1 Best answer

Accepted Solutions
Opus 17
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Turbo tax is erroneously saying that my husband over contributed to his traditional IRA. He did not. What is causing this?

You can't contribute anything to an IRA unless you, or your spouse if married, has income that counts as compensation from working.  Compensation is most often W-2 box 1 wages from a job, or about 92% of net self-employment income (there are a few minor additions).  If you don't have compensation, you can't make any IRA contributions of any kind. 

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1 Reply
Opus 17
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Turbo tax is erroneously saying that my husband over contributed to his traditional IRA. He did not. What is causing this?

You can't contribute anything to an IRA unless you, or your spouse if married, has income that counts as compensation from working.  Compensation is most often W-2 box 1 wages from a job, or about 92% of net self-employment income (there are a few minor additions).  If you don't have compensation, you can't make any IRA contributions of any kind. 

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