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Program says my roth contribution of 7000 is too high when my earned income is over 7000. Why is the program calculating my earned income wrong?
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Are you self-employed? Compensation from self-employment that will support any kind of IRA contribution is net profit reduced by the sum of deductible portion of self-employment taxes and the deduction for self-employed retirement contributions.
Compensation on a W-2 that will support an IRA contribution is the amount in box 1 minus any amount in box 11.
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