Why if I am self employed and earned $32K after deductions would TT say I didn't earn enough income to have paid only $700.00 to my Roth IRA, and that I owe a penalty.

Where would there be an error on my forms?

100

Expert Alumni

Mar 30, 2021 6:01:41 PM

There may be a deduction from your net self-employment income on your tax return. You need to look at your form 1040 and see what your adjusted gross income is online 11, as there may be an entry on your return that is incorrect or that you are not thinking of.

You can view your form 1040 while working online with TurboTax by using these menu tabs:

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Tax Tools (left side of the menu bar)
View Tax Summary
Preview my 1040 (left menu bar)

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Why if I am self employed and earned $32K after deductions would TT say I didn't earn enough income to have paid only $700.00 to my Roth IRA, and that I owe a penalty.