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

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.

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

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.