Why is this form making me enter "excess Roth IRA contribution credit" when I contributed less than $6K last year to my Roth IRA?
I'm confused to why this is pointing me to enter an excess Roth IRA contribution credit amount on the IRA contribution worksheet line 27 when I have not contributed more than the limit ($6K).
Why is this form making me enter "excess Roth IRA contribution credit" when I contributed less than $6K last year to my Roth IRA?
The "excess Roth IRA contribution credit" applies if you had a prior year excess contribution to your Roth IRA and applied this excess contribution to your 2020 tax return. If this does not apply to you then please review your interview answers carefully.
Please be aware, your Roth IRA contribution may be limited based on your filing status and income.