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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?