Roth Ira contribution excess

[Eirenejj]

Hi, 

my income is $24000 and my wife stays home. My roth ira contribution is $6000 and my wife’ $2500(joint filing). As far as I know the limit is $6000 per person,  but turbo tax keeps saying it is excess contribution. I have no idea what to do. Help me out.

[MinhT1]

You need to have earned income to contribute to a Roth IRA. Was your income of $24,000 from wages and/or self-employment? If not, it is not earned income and does not qualify you to contribute to a Roth IRA.

Please read this TurboTax Help topic on the definition of earned income.

[Eirenejj]

Thanks for the answer. Yes, my income is from wage. 

[Eirenejj]

Thanks for the answer. But, my income is from wage. 

[SweetieJean]

Did you also contribute to a Traditional IRA?

[Eirenejj]

No, just roth ira

[DanaB27]

It would be helpful to have a TurboTax ".tax2021" file that is experiencing this issue. You can send us a “diagnostic” file that has your “numbers” but not your personal information. If you would like to do this, here are the instructions for TurboTax Download: 

1. On your menu bar at the very top, click "Online"
2. Select "Send Tax File to Agent"  
3. Click "Send"
4. The pop-up will have a token number
5. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.  

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

The instructions for TurboTax Online: 

1. From the left menu select Tax Tools. 
2. Then select Tools below Tax Tools. 
3. A window will pop up which says Tools Center.  
4. On this screen, select Share my file with Agent. 
5. You will see a message explaining what the diagnostic copy is. Click okay through this screen and then you will get a Token number. 
6. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.  

@Eirenejj

[Eirenejj]

Thank you so much for this. I will try what you suggested. 

[Eirenejj]

Hi, my token number is 983684. 

Please let me know as you find a solution. 

[DanaB27]

Thank you. I reviewed your return. It doesn't show any excess contribution penalty on Form 5329part IV and the IRA Contribution worksheet doesn't show an excess contribution on line 30.

Where did you see the excess contribution warning?

@Eirenejj