ReginaM
Expert Alumni

Retirement tax questions

To enter your Roth IRA contributions into TurboTax follow these steps:

  1. Select Search at the top right of your screen,
  2. Enter Roth IRA contributions,
  3. Select Jump to Roth IRA Contributions,
  4. Select Roth IRA
  5. Select Continue,
  6. Select No to the Repayment Question,
  7. Enter your Roth IRA Contributions,
  8. Respond No to the question Switching Roth to a Traditional,
  9. Answer Yes to the Let Us keep track of your IRA basis,
  10. Answer the Withdrawal Question,
  11. Enter your prior year Contributions (if any),
  12. Answer the question about IRA / Roth Conversions,
  13. Answer the question about Excess Roth Contributions for prior years,
  14. Enter the value of your Roth IRA at the beginning of the year,
  15. On this screen, TurboTax tells you that your Roth Contribution was to high,
  16. Select Continue,
  17. On this screen it tells you what your penalty is, and your options.

Your screen will look like this:

 

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