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derekwang02
New Member

Unsure if contributed to Roth IRA in excess in 2018

I can't recall if TurboTax gave me an alert that I was making contributions in excess, therefore am wondering if there would be any documentation in the tax report to indicate. I have done calculations myself for my MAGI but am not sure if they are as accurate as what TurboTax would calculate in the back-end.

2 Replies
macuser_22
Level 15

Unsure if contributed to Roth IRA in excess in 2018

A Roth IRA contribution does not actually go on a tax return, but you can enter it anyway to:

 

1) Tell you if your income qualifies you for a contribution and warn you if it does not.
2) Check if your income exceeds the limit to contribute to a Roth.
3) Track your contribution year-to-year if you use TurboTax every year.
4) Add the Retirement Savers Credit if you qualify.

 

If you entered it than you might have a  "IRA Contribution Worksheet".

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Mike9241
Level 15

Unsure if contributed to Roth IRA in excess in 2018

2018 MAGI

2018 adjusted gross income before any IRA deduction plus all of the following

foreign earned income exclusion

foreign housing exclusion or deduction

excluded employer-provided adoption benefits shown on form 8839

excluded US savings bond interest shown on form 815

student loan interest deduction

tuition and fees deduction 

 

 

limit $5500 ($6500 if over 50 at year end) or compensation if lower than those other limits

 

 

phase-out if income too high

1) magi

2) $120,000 if filing single or head of household,  $0 if if married filing separate, $189,000 if married filing joint

3) line 1 less line 2

4) $15,000 single, head of household, or married filing separate and lived apart from spouse all of 2018, $10,009 all others

5) divide line 3 by line 4 round to 3  places do not enter more than 1.000 

6) lesser of taxable compensation or $5,500 ($6,500 if 50 or older at year end)

 7) multiply line 5 by line 6 

😎 subtract line 7 from line 6. round up to nearest $10. if less than $200 enter $200

9) enter the contributions for 2018 to other ira's do not include simple or sep contributions

10) subtract line 9 from line 6 

11) reduced Roth lesser of line 8 or line 10

 

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