Question

How do we figure out how much we need to add to our IRAs before tax day?

Forum|Forum|3 years ago
April 6, 2023
1 reply
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during the turbo tax preparation an amount was shown that we need to add to an IRA before tax day, but now I can't find it anywhere. How do we figure out how much to add to IRAs (and which one) before tax day?

TurboTax Self Employed Online

M

MinhT1

In TurboTax there is a section whether you can enter Traditional and Roth IRA contributions. In this section, you can either enter your actual contributions. Or you can enter simulated contributions to either Traditional or Roth IRA to see first how much your tax would change and second to check whether you are eligible to make such contributions.

In TurboTax, open your tax return
Click on Federal in the left-hand column, then on Deductions & Credits
Locate the section Retirement and Investments and click on Show more
Click Start next to Traditional and Roth IRA Contributions.

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3

300750AisnforAuthor

thanks for the prompt response, but I'm having trouble following the directions.

As I said in the original post "during the turbo tax preparation an amount was shown that we need to add to an IRA before tax day, but now I can't find it anywhere. How do we figure out how much to add to IRAs (and which one) before tax day?"

Our tax return is complete and has been submitted.

When I log in to turbotax I do not see a way to get to the Federal field, only "download your return".

How do I get back to that field to redo the calculations for how much we can top up our IRAs before tax day?

O

Opus 17

Employee

@300750Aisnfor wrote:

thanks for the prompt response, but I'm having trouble following the directions.

As I said in the original post "during the turbo tax preparation an amount was shown that we need to add to an IRA before tax day, but now I can't find it anywhere. How do we figure out how much to add to IRAs (and which one) before tax day?"

Our tax return is complete and has been submitted.

When I log in to turbotax I do not see a way to get to the Federal field, only "download your return".

How do I get back to that field to redo the calculations for how much we can top up our IRAs before tax day?

You never need to add money to an IRA. If you are below your contribution limit for the year, you may be able to reduce your tax by making a further contribution. Turbotax might recommend a contribution, but it is not required. (However, if you said you would make an extra contribution, and then you don't, your tax return will be incorrect.)

I would start by looking at the IRA contributions section on the Deductions and Credits page. If you agreed to make extra contributions, they will be listed there as if you already made them (in other words, your listed contributions will be more than your actual contributions for the year, the difference is what you agreed to deposit before April 18.)

Also, your maximum IRA contribution is $6000 per spouse for 2022, or $7000 per spouse if you are over age 50. Your maximum deductible contribution will be reduced if your income passes a certain level and if you are also covered by a retirement plan at work. You can determine your own maximum contribution here.

https://www.irs.gov/retirement-plans/ira-deduction-limits