How much can I contribute to a ROTH IRA? I am over 50, contribute to a traditional 401K at work (1,505.36) and my employer matches part (1,204.27)?

[IreneS · Accepted solution]

UPDATED FOR TAX YEAR 2019

You can contribute up to $7,000 each year (for each spouse, if married), if you're at least 50 years old, to a Roth IRA ($6,000 if you're under 50).

You do not need to include contributions to a Roth in your return because there is no deduction benefit for contributing

While Roth contributions are not reported on your tax return, it is a good idea to enter them the in the IRA contribution section anyway because TurboTax will:

• track the basis of your contributions for you year-to-year. [This becomes important when you start making withdrawals--to track how much of the distribution is taxable.]
• alert you if your MAGI exceeds the Roth contribution limit and are subject to a penalty.
• alert you if you have insufficient earned compensation to contribute.

To enter contributions to a Roth IRA in TurboTax, please follow these steps:

1. Click on Federal > Deductions & Credits  [In TT Self-Employed:  Personal > Deductions & Credits > I'll choose what I work on].
2. Scroll down to the Retirement and Investments section and click on the Start/Revisit box next to Traditional and Roth IRA Contributions.  
3. On the Traditional IRA and Roth IRA screen, mark the box for Roth IRA and click Continue. 
4. Click the appropriate box on Is This a Repayment of a Retirement Distribution? 
5. On the Enter Your Roth IRA Contributions screen, enter the amount of your contribution.  
6. Continue through the screens, entering the requested information.
   
7. On the Enter Your Roth IRA Contributions screen, enter the amount of your contribution and click Continue.  

[Edited | 4/15/2020 | 1:55pm PDT]