The best way to figure out if you are eligible to make a
contribution to an IRA (Traditional or Roth) is to enter it into TurboTax and let the program tell you whether you can
make the contribution.
Being eligible to contribute to an IRA is based on a number
of things in your return, not just a single entry on your W-2.
To enter a contribution as a test, go to the IRA section of
your return and select the type of IRA you want to contribute to. Enter your planned contribution amount and
answer all of the follow-up questions.
TurboTax will give you information on the screen if you are not eligible
to make the contribution. Then, if
needed, you can go back through the section to remove the contribution and
continue with your return.
Use the following steps to go to the IRA section of your
return:
-
On the top row of the
TurboTax online screen, click on Search (or for CD/downloaded TurboTax
locate the search box in the upper right corner)
-
This opens a box where you
can type in “IRA contributions” (be sure to enter exactly as shown here)
and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
-
The search results will
give you an option to “Jump to IRA contributions”
-
Click on the blue “Jump
to IRA contributions” link and enter your information
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