I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

posted

Connect with an expert

1 Best answer

Accepted Solutions

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

You can only contribute from earned income like W2 wages or a Net Profit from self employment. You need to take the contribution out of the IRA account right away! Or you will keep getting penalized for the excess contribution.

View solution in original post

4 Replies

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

Is the AGI earnings from work, or a profit from self-employment?

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

It's from Social Security.

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

Thanks. The good news is that I have not made the contribution. I came here to ask before I went ahead with it.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

Get more help

Do you have a TurboTax Online account?

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

Do you have an Intuit account?

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

I want to contribute to a Roth IRA. According to TurboTax, this is causing an increase to my taxes for the current year. Why is this happening? Our AGI is only $14,000.

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert