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megan45
New Member

"Your traditional IRA contribution of 1350 is more than earned income of zero...excess contribution." but earned income is not zero. How do i get around this w/o penalty?

 
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1 Reply
MinhT1
Expert Alumni

"Your traditional IRA contribution of 1350 is more than earned income of zero...excess contribution." but earned income is not zero. How do i get around this w/o penalty?

In order to contribute to a Traditional IRA, you must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment. 

 

Please verify that you have reported on your return such income in an amount equal or greater than your IRA contribution.

 

Please read this IRS document for more information.

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