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Do I need to enter my IRA contribution in the "tax breaks" section if I already entered it in the W2 income section?

When I put in the info again in the tax breaks section, my Federal refund went down by 1000. That seems wrong.
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1 Reply
ColeenD3
Expert Alumni

Do I need to enter my IRA contribution in the "tax breaks" section if I already entered it in the W2 income section?

What you entered with your W-2 is your employer-covered retirement plan. An IRA is a completely different type of account. If you did make contributions to an IRA outside of work, then yes, you need to enter it.

 

To enter your 2021 IRA contribution (money you put into your IRA), open your return, search for ira contributions and select the Jump to link in the search results. We'll take you to the Traditional IRA and Roth IRA screen where you can start the IRA interview.

 

If you need to enter a 2021 IRA distribution (money you took out of your IRA), or a conversionrollover, or recharacterization, this is reported on a Form 1099-R, which you should get from your IRA custodian by mid-February. Once you have your 1099-R, enter it in TurboTax.

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