Yes, you can use TurboTax to figure the amount of your allowed Roth IRA contributions by entering an amount in the program and seeing if it is an excess amount.
This is how to do that:
- Select Federal from the left side menu.
- Select Deductions & Credits.
- Scroll down to Retirement and Investments, expand the section and click Start to the right of Traditional and Roth IRA Contributions.
- Check the box to indicate you made a Roth contribution, click Continue.
- Answer the first question Yes and second question No.
- Enter up to $6000 if you are under 50 and $7000 if you are over 50, click Continue.
- Answer the next three questions according to your situation.
- If you get a screen that says Your Roth Contribution Was Too High, you will see your allowed amount in bold below that.
- Click Back in the lower left corner until you get back to Enter Your Roth IRA Contributions.
- Remove or adjust your Roth contribution, click Continue to save that change.
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