DanaB27
Expert Alumni

Retirement tax questions

Please be aware that you can only contribute to an IRA if you or your husband had taxable compensation (wages, salary, self-employment income).

 

For 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

Also, be aware that the deduction to a traditional IRA may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see IRA deduction limits. And Roth IRA contribution may be limited based on your filing status and income. Please see 2020 - Amount of Roth IRA Contributions You Can Make for 2020.

 

To enter IRA contributions:

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “IRA contributions
  3. Click on “Jump to IRA contributions"

If this doesn't help you issue please provide more details about your error.

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