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New Member
posted Apr 10, 2023 8:53:05 AM

Turbotax shows I had an excess Roth contribution for 2021 but it didn't include my unemployment income that counts toward my total income. Why not?

So if I add my self employment income and unemployment benefit income I am above the $7,000 limit and do not have an excess Roth contribution

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1 Replies
Expert Alumni
Apr 10, 2023 9:15:06 AM

Unemployment compensation is not considered as earned income and cannot be used to contribute to a Roth IRA.

 

Please read this IRS document for more information.