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Level 2
March 14, 2021
Question

Does TurboTax Online Calculate allowable Roth Contribution?

  • March 14, 2021
  • 5 replies
  • 69 views

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? 

    5 replies

    Level 15
    March 14, 2021

    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.

    vospertwAuthor
    Level 2
    March 14, 2021

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

    vospertwAuthor
    Level 2
    March 15, 2021

    Thanks again. Worked just as you said.