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lovemahal-1
Level 3
September 9, 2020
Question

My client is filing Form 2555 Foreign Earned Income and had Roth IRA contribution why is it that our program is computing 6% additional taxes.

  • September 9, 2020
  • 2 replies
  • 15 views
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2 replies

George4Tacks
George4Tacks
Level 15
September 9, 2020

Was there net earned income? If not, then the ROTH is an excess contribution and subject to penalty until removed.

Answers are easy. Questions are hard!
    sjrcpa
    sjrcpa
    Level 15
    September 9, 2020

    If all foreign earned income was excluded, there is no earned income left upon which to base a ROTH IRA contribution.

    Been there and seen that.

    The more I know the more I don’t know.
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