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February 28, 2023
Question

I didn't contribute to a traditional IRA / roth in 2022. I no income from it either. Turbo tax saying to report my income and I have a penalty. How can I fix this?

  • February 28, 2023
  • 1 reply
  • 0 views
It says my contribution isn't permitted but I didn't even make one.  What do I do?

1 reply

DMarkM1
February 28, 2023

It's possible there may have been a contribution made between January and Apr that maybe you counted last year that is carrying over to this year's return.  Check your copy of last years return for the correct IRA contribution deduction on Schedule 1.  

 

If the contribution last year is correct and you made no contributions this year then you can correct the entries for this year.

 

In the "Deductions and Credits" section, you'll need to revisit the Traditional and Roth IRA contributions topic in the "Retirement and Investments" dropdown.  Correct your entries there.

 

You can also delete the IRA contribution worksheet using these steps in online versions.

 

1. Select "Tax Tools" in the left hand menu
2. Select "Tools"
3. Select "Delete a Form"
4. Find the IRA contribution worksheet
5. "Delete"
6. "Confirm Deletion"

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