topic If im 55 cant I I put down that i gave 6500.00 to my roth which is allowed. turbo states I am in a penalty. what do I do? in Retirement tax questions

If im 55 cant I I put down that i gave 6500.00 to my roth which is allowed. turbo states I am in a penalty. what do I do?

n-dickmon — Mon, 14 Oct 2019 17:21:38 GMT

Re: If im 55 cant I I put down that i gave 6500.00 to my roth which is allowed. turbo states I am in a penalty. what do I do?

VolvoGirl — Mon, 14 Oct 2019 17:23:23 GMT

Do you have enough W2 income or or Net Profit on Schedule C to make the contribution? And check your birthday under My Info.

Re: If im 55 cant I I put down that i gave 6500.00 to my roth which is allowed. turbo states I am in a penalty. what do I do?

Critter — Mon, 14 Oct 2019 18:13:29 GMT

Review the ROTH IRA contribution worksheet ... that will tell you why there is an excess amount ...

You can peek at only the form 1040 & state summary page by going here:

Click on Tax Tools >>>Tools >>>Click on View Tax Summary >>>Click on Preview my 1040

To view the entire return using the online editions before you file, you will need to pay for your online account.

To pay the TurboTax online account fees by credit card, without completing the 2017 return at this time, click on Tools … Then click on Print Center. Then click on Print, save or preview this year's return. On the next page, to pay by credit card, click Continue. On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button. The next screen will ask for all your credit card information so you can pay for the account.

Re: If im 55 cant I I put down that i gave 6500.00 to my roth which is allowed. turbo states I am in a penalty. what do I do?

macuser_22 — Mon, 14 Oct 2019 18:36:53 GMT

You mist also have at least that much taxable compensation.

The most you can contribute to all of your traditional and Roth IRAs is the smaller of:

For 2018, $5,500, or $6,500 if you’re age 50 or older by the end of the year; or
your taxable compensation for the year.
For 2019, $6,000, or $7,000 if you’re age 50 or older by the end of the year; or
your taxable compensation for the year.

(Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deducible part of the SE tax, but can include commissions, alimony and separate maintenance, and nontaxable combat pay ).

See this IRS article for Roth contribution limits:

https://www.irs.gov/retirement-plans/roth-iras