For tax year 2021, TurboTax does the calculation for how much you can contribute to an IRA, if any. Since you participated in a retirement plan through your employer, TurboTax has already done the calculation and you aren't eligible to contribute any money to an IRA.
- Per IRS: You can contribute to a traditional or Roth IRA even if you participate in another retirement plan through your employer or business. However, you may not be able to deduct all of your traditional IRA contributions if you participated in another retirement plan at work. Roth IRA contributions might be limited if your income exceeds a certain level
However, in tax year 2022, if you're employed with a company that does not offer a retirement plan (check mark on your W-2, Box 13 Retirement Plan), you'll be able to contribute to an IRA.
For 2022, 2021, 2020 and 2019, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $6,000 ($7,000 if you're age 50 or older), or
- If less, your taxable compensation for the year
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