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New Member
posted Apr 9, 2025 11:00:48 AM

Why is TurboTax saying my Roth IRA contribution is excessive and partly taxable? I turned 50 during 2024. I’m married filing jointly. I contributed $8,000 to a Roth.

This article https://clark.com/personal-finance-credit/investing-retirement/ask-clark-ira-roth-contribute-age-50/ says turning 50 DURING the year means you can contribute the full $8,000 allowed for married couples filing jointly. But TurboTax is telling me that my contribution was over the limit. Am I wrong, or is TurboTax wrong?

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2 Replies
Expert Alumni
Apr 9, 2025 11:20:01 AM

According to the IRS guidelines on Traditional and Roth IRAs:

  • You can contribute up to $8,000 to your Roth IRA for 2025 if you turn 50 by the end of the year.
  • This includes a $1,000 catch-up contribution for individuals aged 50 and older

Level 15
Apr 9, 2025 4:17:35 PM

You or your spouse must have sufficient compensation to support an IRA contribution.  Also, your eligibility to make a Roth IRA contribution phases out between $230,000 and $240,000 of modified AGI for this purpose.