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upontheridge
Returning Member

Roth Max Contribution Calculator not including K1 guaranteed payments for services

I have guaranteed payments for services from an LLC.  Turbo Tax is not including those payments in the Maximum Roth Contribution calculation.  In the past those payments were always included in my allowable Roth contribution amounts but they are not being included for 2023.  I am getting an error that I cannot make a full Roth Contribution because my earned income is not high enough.  When in fact with my other 1099 income and my guaranteed payment for services from the K1, I have sufficient earned income to make a full Roth Contribution.

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upontheridge
Returning Member

Roth Max Contribution Calculator not including K1 guaranteed payments for services

Figured out issue.  Guaranteed payment amounts also need to be entered as self employment income in Box 14 of K1 to calculate Social Security and Roth IRA contribution limits.

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