You'll need to sign in or create an account to connect with an expert.
Right. Unless one of you has to take out the RMD required min distribution.
Enter IRA contributions under
Federal On left
Deductions and Credits
Then scroll down to Retirement and Investments
Traditional and ROTH IRA Contributions - Click the Start or Update button
If you are making contributions to a traditional IRA and are not going to take a tax deduction (maybe because your income is too high) then you need the current year contributions and also the total of past year non-deductible contributions, which will be on form 8606 from your past tax return. This will generate a new form 8606 this year. Keep copies of form 8606 for as long as you live, they are an exception to the general rule that you can discard tax papers after 3 or 6 years.
If you are making contributions to a Roth IRA, it may be helpful to tell turbotax about your past contributions so the program can help you keep track, this may be useful in the future if you need to withdraw funds before age 59-1/2.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Alex139
Level 1
blankenbecklerbl
New Member
miyabi13
New Member
kengordon1933
New Member
kbda
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.