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Roth contribution being taxed at 6%

Summit1

Level 5

Forum|Forum|5 years ago

March 21, 2021

Solved

Roth contribution being taxed at 6%

Forum|Forum|5 years ago
March 21, 2021
1 reply
5 views

MFJ couple with no other retirement accounts and both have W-2 income and 1 also has 1120S K-1.

Each contributed to Roth IRA (7000) because of age. Program is charging 6% each for excess contribution. Is this because of MAGI?

ProSeries Professional

This topic has been closed for replies.

Best answer by Terry53029

See this link for your answer:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits#:~:text=More%20In%20Retirement%20Plans&text=For%202021%2C%202020%20and%202019,taxable%20compensation%20for%20the%20year

1 reply

Terry53029

Answer

Intuit Community Champion

Forum|Forum|5 years ago

March 21, 2021

See this link for your answer:

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