If your refund amount is changing when you enter your Roth IRA contributions, you may be making an excess contribution. An excess Roth IRA contribution will trigger an additional 6% excise tax which would reduce your refund amount.
You should revisit the section of your return where the Roth IRA contribution was entered and carefully review those screens. If an excess contribution exists there will be information on the screen to help you fix the situation.
TurboTax will help you with determining the amount you are allowed to contribute to a Roth IRA.
You can achieve this by entering the maximum amount of Roth contribution that you are allowed to make based on your age. Then, answer the follow-up questions in that section. You will then see a screen informing you that you have made an excess contribution along with information about how much you are allowed to contribute to the Roth IRA. Then go back and adjust the contribution that you entered to the amount that you want to actually contribute.
Use the following steps to go to the section where you enter IRA contributions:
- 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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