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golferman-dick
New Member

Why are my taxes the lowest when I contribute 6500 to my IRA & higher when I contribute either 4000 or 12500 I owe more taxes at either amount than the standard 6,500?

 
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fanfare
Level 15

Why are my taxes the lowest when I contribute 6500 to my IRA & higher when I contribute either 4000 or 12500 I owe more taxes at either amount than the standard 6,500?

there are penalties for contributing more that $6500 and TurboTax adds that penalty to your tax return.

$6,500 ($5,500 if under age 50) is not a recommended amount. it is the maximum amount.

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fanfare
Level 15

Why are my taxes the lowest when I contribute 6500 to my IRA & higher when I contribute either 4000 or 12500 I owe more taxes at either amount than the standard 6,500?

there are penalties for contributing more that $6500 and TurboTax adds that penalty to your tax return.

$6,500 ($5,500 if under age 50) is not a recommended amount. it is the maximum amount.

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