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posted Mar 23, 2023 10:48:34 PM

Roth IRA Contributing Limit

I believe there may be a glitch in the TurboTax Deluxe software for the 2022 tax year.  According to the information I entered, Turbo Tax  indicates I made excess Roth contributions, which I believe is incorrect.  I am semi-retired, over the age of 50, and receiving a pension. However, my earned income  (from employment) is at least twice the limit of the amount of the allowable Roth contributions for 2022 for persons over 50.  I would appreciate Intuit checking its program.    Based upon the result I received after entering the contribution amount, I'm skeptical about the accuracy of the Turbo Tax program, which I have used for years, and have not had any reason to question until now.  

 

 I would appreciate a  reply from anyone who can provide an answer as soon as possible.

 

Thanks,

camc4

 

 

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1 Replies
Employee Tax Expert
Mar 24, 2023 5:13:20 AM

You can feel confident that the information provided to you by TurboTax is correct.  There are no known issues being addressed with regard to incorrect Roth IRA contribution limits.

 

The amount you are allowed or whether you are allowed to contribute to a Roth IRA is based on more than your earned income for the year.  Your Modified Adjusted Gross Income (MAGI) and filing status also come into play.  

 

Take a look at the following information from the IRS with regard to MAGI and filing status which may limit the amount you are allowed to contribute to your Roth IRA:

 

Amount of Roth IRA Contributions That You Can Make for 2022

 

Modified AGI for Roth IRA Purposes