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Why is my refund reduced when I input my Roth IRA contribution?

Forum|Forum|7 years ago
June 5, 2019
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I am 51 and contributed $6500. My wife is 48 and contributed $5500.

TurboTax Self Employed Online

Best answer by AnnetteB6

If your refund decreased when you entered your Roth IRA contributions, that probably indicates that you have exceeded the contribution limit for Roth IRAs based on your income and the contribution is being taxed as an excess contribution.

Go back through the section of your return where you entered the Roth contributions and be sure to go through each screen. TurboTax will indicate if you have an excess contribution that needs to be removed.

To read more, take a look at Roth IRA Contributions for 2017.

A

AnnetteB6Answer

If your refund decreased when you entered your Roth IRA contributions, that probably indicates that you have exceeded the contribution limit for Roth IRAs based on your income and the contribution is being taxed as an excess contribution.

Go back through the section of your return where you entered the Roth contributions and be sure to go through each screen. TurboTax will indicate if you have an excess contribution that needs to be removed.

To read more, take a look at Roth IRA Contributions for 2017.

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