TurboTax Home & Business 2022 Limiting my IRA Contribution and making forms for a penalty for overstatement.

[Barry34]

I am self-employed and receive non employment compensation.  My wife is retired as am I, therefore neither are covered by a plan at work. We each maintain a traditional IRA.  We are married and file JOINTLY. Per the subject line, TTax 2022 is limiting my IRA contribution. The IRS has a nice chart found at 2022 IRA Contribution and Deduction Limits Effect of Modified AGI on Deductible Contributions if You...

When attempting to apply a contribution (less than the max allowed) and with neither the wife nor I listed as having a plan at work, or a W-2 that could trigger a limitation, it limits me. Why? What am I missing, or is TTax 2022 in error?

Specific to within that chart are the criteria that apply to my specific condition (at least I read it as such) and it says for the years 2021 and 2022:

If Your Filing Status Is...                                              And Your Modified AGI Is...             Then You Can Take...

married filing jointly or separately with a spouse who is not covered by a plan at work

any amount

a full deduction up to the amount of your contribution limit.

[dmertz]

The chart you looked at is for determining whether a permissible IRA contribution is deductible or not.  It seems that you are instead limited on how much you are eligible to contribute.  Do you have sufficient net earnings from self-employment to support the IRA contributions?  Net earnings are your net profit from self-employment minus the deductible portion of self-employment taxes.  If the sum of the IRA contributions for you and your spouse exceed net earnings, one or both of you indeed have an excess contribution.

[Barry34]

Thanks.  That appears to be what's happening.