The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/thanks-to-all-who-tired-to-help-to-clarify-a-few-18595838.aspx

Subject:  Re: Turbo-Tax woe Date:  2/15/2003  11:15 AM
Author:  ptheland Number:  63850 of 121594

Thanks to all who tired to help. To clarify a few points, we are both 68 years old and our AGI is around $26,500. No way we are going to get caught in the "excess income" class.

OK - I agree that it sounds like you should be able to make the Roth contributions.

My e-mail effort to clear up the mystery with Turbo-Tax resulted in advice to re-read the reasons why the contribtuion wasn't allowed. After four readings I still don't get it.

So what is TT saying about why it isn't allowing the contributions? My guess at this point is that you've got some data input issue with TT. There's some piece of data somewhere that is making TT think you aren't eligible for a Roth. Their error message should help point us to the problem.

One solution is to not tell TT about the Roth contribution. Unless you've done some recharacterizing between traditional and Roth IRAs, your Roth isn't reported anywhere on your tax return. So your tax return will still be correct even if you don't tell TT about the Roth.

--Peter

Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us