Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.
02-28-2018 08:44 AM
I'm doing my taxes and I came across the section about Roth IRA contributions. I made a Roth IRA payment for 2017 however, the program tells me that I couldn't contribute anything to my Roth IRA in 2017. When I listed my contribution amount, the program told me that I have to withdraw it!
Just for background - My total income for 2017 was under $80K so I'm not over the limit regarding contributions. I had more income in 2016 and had no problem with this section. What am I missing?
02-28-2018 09:31 AM - edited 02-28-2018 09:32 AM
I assume that at least part of your income is compensation earnings. It seems like you have an entry error on your income making it too high. Just guessing.
02-28-2018 11:10 AM
Actually, just for some background on my income, I'm a (young) widow only receiving income from husband's pension, social security (for caring for our daughter), rental income from a property I own and some stock dividends. I don't have a W-2 as I'm a SAHM. I'm pulling all the numbers from the 1099's that I have. Same as last year so I'm kinda lost on this.
02-28-2018 03:57 PM
None of those income sources you mention are considered compensation (earned income), so that would explain why the program is telling you that your Roth IRA contribution is not permitted. I suggest you pull out last year tax return paperwork and see what's different. You must have some income from working (whether W2 or self-employed) to make an IRA contribution.