i am 20 and just entered into the roth ira section a $7000 contribution. Before entering I did not owe any fed or state taxes, after entering i now owe $300 in federal.

Manchestercitizen18 — Tue, 03 Feb 2026 09:13:36 GMT

Re: i am 20 and just entered into the roth ira section a $7000 contribution. Before entering I did not owe any fed or state taxes, after entering i now owe $300 in federal.

dmertz — Fri, 21 Feb 2025 19:16:37 GMT

This would seem to suggest that a $7,000 Roth IRA contribution is more than you are legally permitted to make based on the amount of your compensation or your modified AGI (MAGI) for the purpose entered into TurboTax. Your Roth IRA contribution is not permitted to exceed your compensation from working. Your eligibility to make a Roth IRA contribution also phases out above a certain MAGI based on your filing status.

See "Can You Contribute to a Roth IRA" in IRS Pub 590-A:

https://www.irs.gov/publications/p590a#en_US_2024_publink1000230975

topic i am 20 and just entered into the roth ira section a $7000 contribution. Before entering I did not owe any fed or state taxes, after entering i now owe $300 in federal. in Retirement tax questions

i am 20 and just entered into the roth ira section a $7000 contribution. Before entering I did not owe any fed or state taxes, after entering i now owe $300 in federal.

Re: i am 20 and just entered into the roth ira section a $7000 contribution. Before entering I did not owe any fed or state taxes, after entering i now owe $300 in federal.