How do I determine my 2021 IRA contribution limit? Last year I contributed the maximum, but it was over the limit.

[DanaB27]

For 2021 the total contributions you make each year to all of your traditional IRAs  and Roth IRAs can't be more than:

• $6,000 ($7,000 if you're age 50 or older), or
• If less, your taxable compensation for the year

Also, your Roth IRA contribution may be limited based on your filing status and income. Please see 2021 - Amount of Roth IRA Contributions You Can Make for 2021.

Please see Worksheet 2-1. Modified Adjusted Gross Income for Roth IRA Purposes for additional information.

[joecooldad]

Shouldn't there be a way for TurboTax to calculate my limited contribution amount as on Worksheet 2.1? I can't find it.

[DanaB27]

You can go to the IRA contribution section and enter different contribution amounts and see if you get a penalty warning:

1. Click on "Search" on the top right and type “IRA contributions” 
2. Click on “Jump to IRA contributions"

Also, once you enter a Roth contribution then you can look at the "Roth IRA Contribution Limit Worksheet" to see the calculation (you will have to pay for your return before you can access it):

1. Select Tax Tools on the left and then Print Center and choose the print center
2. Select federal return and choose to include all worksheets.