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May 3, 2021
Question

I plan to contribute the 6k limit to my Roth IRA this week, but I want to finish my taxes before then.Where does Turbotax give the opportunity to account for my Roth IRA?

  • May 3, 2021
  • 2 replies
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2 replies

macuser_22
Employee
May 3, 2021

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

A Roth IRA contribution does not actually go on a tax return, but you should enter it anyway to:

1) Tell you if your income qualifies you for a contribution and warn you if it does not.
2) Check if your income exceeds the limit to contribute to a Roth.
3) Track your contribution year-to-year if you use TurboTax every year.
4) Add the Retirement Savers Credit if you qualify.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
May 3, 2021

To enter your Roth IRA contribution:

  1. Select Federal on the left side menu.
  2. Select Deductions & Credits from the top menu.
  3. Scroll down to Retirement and Investments, show More.
  4. Select Traditional and Roth IRA Contributions and start/revisit.
  5. On the Traditional and IRA and Roth IRA screen, select Roth IRA and Continue.
  6. Continue with the onscreen interview until complete.

 

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