Deductions and Credit, Interest and Dividends
I have Traditional IRA 401K that is not an employer 401k. I set up the Traditional IRA 401k through a investment group, Janus Henderson Investment. I contribute $50 a month, a total of $600 a year. Nothing close to being over $6500. I have already submitted my 1099-DIV under Wages and Income. Under Deductions and Credits, Interest and Dividends, Traditional IRA, 401K, I enter that I contributed $600 for 2023, nothing close to the $6500 threshold. At the end of the section it says I owe a 6% penalty for excess contributions. Why is it telling me owe money when I don't owe penalty tax?