MGC94
Level 7

Are you working on the 2022 return, and entered $7000 of IRA contributions?

I am working on the 2021 tax return. It generated it on its on. IRA cont worksheet. Line 7 excess traditional IRA contribution credit. It is red when I put 0 it says to put $7,000. 

 

Do they have $7000 of "taxable compensation", such as W-2s or self employment profit?

He just brought me 2019, 2020, and 2021. 

2019 total income $61,837. No w2. Rental income, investment income. $7,000 IRA contribution 

2020 total income $59,554. Yes a w2 over $7,000. Rental income, investment income. $7,000 IRA con. 

2021 total income $153,413. Yes a w2 over $7,000. Rental income, investment income. NO IRA contribution that year. 

 

Were any prior years "excess contributions"?

I can only guess maybe 2019 is "excess" and transferred to 2020 which already had IRA so transferred to 2021? 

 

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