Does TurboTax Online Calculate allowable Roth Contribution?

[vospertw]

I am close to the AGI limit and I ran through the IRA portion of the program, but I can't seem to view my AGI to make my own calculation, and the IRA section only asks what I want to contribute - I don't see anywhere that it tells me my max allowable contribution. Do I have to file first before I can even see my AGI? Is there a worksheet in the program to access that can calculate the allowable contribution before filing? 

[dmertz]

TurboTax determines whether any part of a Roth IRA contribution is an excess contribution only after you enter the proposed contribution.  After having completed all other aspects of your tax return, enter the maximum permissible contribution for your age, allow TurboTax to tell you you if any of that is an excess contribution, then go back and change the amount of your proposed Roth IRA contribution, reducing it by the amount that was determined to be excess.

[vospertw]

Ah, perfect! Thanks so much. Will give that a try today. Have a great Sunday. 

[vospertw]

Thanks again. Worked just as you said.

[Stevie26]

Hi.  I am using Turbotax Deluxe desktop version.  I filled out my taxes and there are no errors when I run the error check.  I have made no contributions to my Traditional or Roth IRA for 2022.  I simply want to determine what is the maximum I can contribute to my Roth IRA for 2022.   How can I get Turbotax to show me the maximum I can contribute to my Roth IRA for 2022?

Thanks

[JulieS]

Yes, you can use TurboTax to figure the amount of your allowed Roth IRA contributions by entering an amount in the program and seeing if it is an excess amount.

This is how to do that:

1. Select Federal from the left side menu.
2. Select Deductions & Credits. 
3. Scroll down to Retirement and Investments, expand the section and click Start to the right of Traditional and Roth IRA Contributions. 
4. Check the box to indicate you made a Roth contribution, click Continue.
5. Answer the first question Yes and second question No.
6. Enter up to $6000 if you are under 50 and $7000 if you are over 50, click Continue.
7. Answer the next three questions according to your situation. 
8. If you get a screen that says Your Roth Contribution Was Too High, you will see your allowed amount in bold below that. 
9. Click Back in the lower left corner until you get back to Enter Your Roth IRA Contributions.
10. Remove or adjust your Roth contribution, click Continue to save that change.