i'm interested in making an ira contribution but i want to see how it will affect my federal balance or return. it will only adjust my state return. i need to know how it will affect the federal before i make the contribution. how can i get the adjusted amount before filing?
The surest way to know is to put the amount on your 1040 and note the decrease, if any, on your AGI. In this way, you can also experiment with the amount of contribution and see at what point you maximize your return.
You can contribute a maximum of $5500 for tax year 2017 if you are under age 50. This is only for a Traditional as there is no deduction for a contribution to the Roth.
To enter your 2017 IRA contribution (money you put into your IRA), open your return, search for IRA contributions inside your TurboTax program, and then click the "Jump to" link in the search results. We'll take you to the Traditional IRA and Roth IRA screen where you can start the IRA interview.