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Level 2
January 18, 2022
Question

IRA Guidance with TurboTax

  • January 18, 2022
  • 1 reply
  • 15 views

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?

    1 reply

    Level 15
    January 18, 2022

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

    Level 2
    January 18, 2022

    Thanks for your reply - much appreciated!