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I want to determine if a contribution to my IRA will provide a benefit/deduction?

I didn't find an area in the return to add this contribution.
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4 Replies
PaulaM
Employee Tax Expert

I want to determine if a contribution to my IRA will provide a benefit/deduction?

IRA contributions are entered under the Deductions & Credit section. You can enter different contribution amounts to test how it might affect your tax refund/payment.

  • Select Deductions & Credits from your open return
  • Scroll to locate Retirement and Investments
  • Select Traditional and Roth IRA Contributions
  • Select start/revisit

See attachment and link below

Tax Benefits of contributing to an IRA

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I want to determine if a contribution to my IRA will provide a benefit/deduction?

In the Other Tax Situations section, there is an "IRA CALCULATOR TOOL" to help you decide the contribution amount as well as tax deduction (traditional IRA).  Try it!

I want to determine if a contribution to my IRA will provide a benefit/deduction?

The IRA calculator tool is not working properly in my Turbotax program. 3/4/2021

MarilynG1
Expert Alumni

I want to determine if a contribution to my IRA will provide a benefit/deduction?

@wardufus You can go directly to the IRA Contributions section and test different contribution amounts to see how it affects your return.

 

Click this link for detailed info on IRA Contributions

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