You can work with TurboTax to determine the maximum IRA deduction, deductible or non-deductible.
You will enter information into your return either with an amount you think you wish to contribute, or the maximum allowed contribution for your age. Then, go through the rest of the questions in that section of your return and there will be messages on the screen telling you what amount will be deductible and/or allowed (depending on the type of IRA contribution that you chose). Then you can take action suggested on the screen to change your contribution amount if required.
Use the following steps to get started:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “IRA contributions” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to IRA contributions”
- Click on the blue “Jump to IRA contributions” link and enter your information
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