I have a single client under 50 y/o who had AGI of $119,967 and wanted to do the max Roth of $6000. Proseries limited her to $5420 . She is a member of a retirement plan thru her employer.
As I read it, if your AGI is under $122,000 you can do the max? So why is their a limit of $5420?
It is working for me.
Have you looked through the entire Roth IRA Contribution Limit worksheet to see where it limits it? That should answer it. If you don't understand where it is limiting it, give us all of the numbers on that worksheet and we may be able to help you figure it out.
Hmmm. They don't make it easy, do they? The only way I can see is to attach a "photo" (when replying, look above the text box where it has the options for Bold, Italics, Underline, etc ... the "Photo" is about the 8th one).
If you do attach it be SURE to NOT show the client's Social Security Number.
If it is too problematic, you may just want to list the amounts in the response box (you can choose the "Numbered List", next to the "Photo" to correspond with the line numbers on the worksheet).