Yes, you'll enter the amount of your IRA contributions for the year. When preparing your tax return with TurboTax, you'll also enter your birthdate, Forms W-2, Schedules C, F, or K-1 (establishing your compensation), other items of income used to determine your modified AGI, any excess contributions that you might have carried into the current year from the previous year. TurboTax will use all of this information to determine if you have an excess contribution and, if you do, prepare Form 5329 to report the excess contribution unless to take the necessary steps to resolve the excess and indicate to TurboTax that you have done so. If your obtain a return of excess contribution and indicate this to TurboTax, TurboTax will also prompt you to prepare the necessary explanation statement with regard to the return of excess contribution.
For eligible traditional IRA contributions, TurboTax will also determine if you are eligible for a deduction for the contribution or if your tax return needs to include Form 8606 as required to report the nondeductible contribution.
If your income is in the range where your IRA contribution might qualify you for the Retirement Savings Contributions Credit, TurboTax will take you through the questions necessary to determine if you qualify for any amount of this tax credit.
