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Magoo74
New Member

Traditional IRA and Roth IRA

I do not have any IRAs.  My wife has an old IRA that was rolled over a couple of years ago.  When we get to the section titled "Traditional IRA and Roth IRA, it asks the question "Select the kind of IRA(s) you own or will contribute to for 2023."  We didn't contribute to one in 2023, but my wife did own one going into 2023.  I selected Traditional IRA.  At the end of the section, after entering $0 was contributed to an IRA, the Smart Check says "IRA Contributions Worksheet Line 7 - Taxpayer's excess traditional IRA contribution should be equal to $165.00, the traditional IRA contribution credit from Form 5329, Part III."  Why is it thinking we have an excess when we contributed $0 in 2023 to an IRA?

 

Thank you,

Magoo74

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1 Reply
dmertz
Level 15

Traditional IRA and Roth IRA

Assuming that you did not enter $165 when TurboTax asked if there were any excess traditional IRA contributions carried into 2023 from 2022, the $165 must have been carried in from line 16 of the 2022 From 5329 for the individual in question.

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