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jaredpoulsen
New Member

Turbotax says earned income less than what it actually is and says I have roth ira overcontribution

Hi there,

 

I earned roughly $1,300 in 2020. I contributed 2000 to my roth IRA, and had to do an excess removal of 700+gains. I am filing my taxes in which my income totals up to around 1,323. However when I go to the Roth IRA section and say that I contributed 2,000, Turbotax says I only made 1,245 in earned income.

What should I do? I earned over 1,300. Please help

3 Replies
SweetieJean
Level 15

Turbotax says earned income less than what it actually is and says I have roth ira overcontribution

Please spell out the types and amounts of earned income that you had.

jaredpoulsen
New Member

Turbotax says earned income less than what it actually is and says I have roth ira overcontribution

2 types of income -- self employed, of which I made $1097 (pre-tax), and the other was a job which I got a W2 for, in which I made $226 pre-tax and about $208 after medicare and social security taxes were taken out. @SweetieJean 

 

 

LoRaMama
Level 1

Turbotax says earned income less than what it actually is and says I have roth ira overcontribution

I would like to know this too. I earned $7200 consulting and contributed $7000

But turbotax says I earned $6691

where are they getting this number?

 

same thing happened to me when i used to do my son's taxes and they would say he earned less than he earned.

 

and they DO NOT EXPLAIN IT!!

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