TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

Roth IRA Contribution

Forum|Forum|1 year ago
February 15, 2025
1 reply
0 views

I retired in 2023 but got a bonus check in 2024 which was reported on a W-2. I want to make a contribution to a Roth IRA of the amount received (the amount is below the max contribution limit), but Turbo Tax indicates I do not qualify for a Roth contribution. I am married filing jointly and income is below the $230,000 threshold. Why is Turbo Tax indicating I cannot make a Roth IRA contribution?

Employee

The amount reported in box 1 of your W-2 minus any amount in box 11 is treated as compensation that will support an IRA contribution.

denhillcroAuthor

Thanks for responding.

The qualified amount on the W-2 that can be put into the Roth IRA is less than the max contribution limit for a Roth IRA. Income for married filing jointly is less than the income limitation. It looks like the criteria to contribute to a Roth IRA is met. What I can't figure out is why TurboTax says I do not qualify to make the contribution.

Employee

Does TurboTax indicate that your compensation is zero?

The MAGI for eligibility to contribute to a Roth IRA depends on your filing status. Phase out range:

MFS: $0 to $10,000

MFJ: $230,000 to $240,000

Others: $146,000 to $161,000

You can examine TurboTax's Roth IRA Contribution Limit Worksheet to see how TurboTax is determining your contribution limit.