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Returning Member
posted Jan 18, 2022 11:18:58 AM

IRA Guidance with TurboTax

I haven't used TurboTax in many years, but am considering using it again for 2021 filing.  I am trying to recall whether the software gives you options to see how your refund might vary if you were to contribute to a traditional IRA for the 2021 tax year.  For example, when working with a CPA, they will tell me "your refund is $x right now.  If you contribute $5,000 to a traditional IRA, your refund will change to $y".  Is something like this available within TurboTax, if I were to purchase the Premier product?  Would it matter whether I do the Online vs. the CD/downloadable?

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2 Replies
Level 15
Jan 18, 2022 11:31:45 AM

The desktop version gives you more flexibility but you can see the results of your inputs in both. 

Returning Member
Jan 18, 2022 11:59:04 AM

Thanks for your reply - much appreciated!