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?
011112
1 Best answer
fanfare
Level 15
Jun 5, 2019 4:05:17 PM
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.
1 Replies
fanfare
Level 15
Jun 5, 2019 4:05:17 PM
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.