How do we figure out how much we need to add to our IRAs before tax day?

[300750Aisnfor]

during the turbo tax preparation an amount was shown that we need to add to an IRA before tax day, but now I can't find it anywhere. How do we figure out how much to add to IRAs (and which one) before tax day?

[MinhT1]

In TurboTax there is a section whether you can enter Traditional and Roth IRA contributions. In this section, you can either enter your actual contributions. Or you can enter simulated contributions to either Traditional or Roth IRA to see first how much your tax would change and second to check whether you are eligible to make such contributions.

• In TurboTax, open your tax return
• Click on Federal in the left-hand column, then on Deductions & Credits
• Locate the section Retirement and Investments and click on Show more 
• Click Start next to Traditional and Roth IRA Contributions.

[300750Aisnfor]

thanks for the prompt response, but I'm having trouble following the directions.

As I said in the original post "during the turbo tax preparation an amount was shown that we need to add to an IRA before tax day, but now I can't find it anywhere. How do we figure out how much to add to IRAs (and which one) before tax day?"

Our tax return is complete and has been submitted.

When I log in to turbotax I do not see a way to get to the Federal field, only "download your return".

How do I get back to that field to redo the calculations for how much we can top up our IRAs before tax day?

[Opus 17]

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@300750Aisnfor wrote:

thanks for the prompt response, but I'm having trouble following the directions.

As I said in the original post "during the turbo tax preparation an amount was shown that we need to add to an IRA before tax day, but now I can't find it anywhere. How do we figure out how much to add to IRAs (and which one) before tax day?"

Our tax return is complete and has been submitted.

When I log in to turbotax I do not see a way to get to the Federal field, only "download your return".

How do I get back to that field to redo the calculations for how much we can top up our IRAs before tax day?

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You never need to add money to an IRA.  If you are below your contribution limit for the year, you may be able to reduce your tax by making a further contribution.  Turbotax might recommend a contribution, but it is not required.  (However, if you said you would make an extra contribution, and then you don't, your tax return will be incorrect.)

I would start by looking at the IRA contributions section on the Deductions and Credits page.  If you agreed to make extra contributions, they will be listed there as if you already made them (in other words, your listed contributions will be more than your actual contributions for the year, the difference is what you agreed to deposit before April 18.)

Also, your maximum IRA contribution is $6000 per spouse for 2022, or $7000 per spouse if you are over age 50.  Your maximum deductible contribution will be reduced if your income passes a certain level and if you are also covered by a retirement plan at work.  You can determine your own maximum contribution here.

https://www.irs.gov/retirement-plans/ira-deduction-limits

[DanaB27]

To verify, did you enter any IRA contributions when you filed your tax return and you are trying to find the amount you entered as an IRA contribution?

If yes, then you can see your IRA contributions on the IRA contribution worksheet. Please follow these steps to see all Forms and worksheets (you will open the return back up, please save a copy of your return before doing this):

1. In TurboTax Online, sign into your account.
2. Select Tax Home in the left menu.
3. Scroll down to Your tax returns & documents.
4. Select Add a State (you're not actually adding a state, this opens the return back up)
5. Select Tax Tools on the left and then Print Center 
6. Select Print, save or preview this year's return
7. Select Federal return and the worksheets.

TurboTax Online doesn’t seem to have an IRA calculator tool like TurboTax Desktop (under Other Tax situations).

If you entered IRA contributions then TurboTax will show you an "IRA Contributions Results" screen when you click "continue" on the "Deduction & Credit" screen.

Another option, since you were self-employed, are the screens under Self-Employment Retirement Plans:

1. Select Wages & Income on the left
2. Scroll down to “Other business situations”
3. Select “Start/ Revisit” next to “Self-Employed Retirement Plan”

If you didn't enter any IRA contributions and plan to make IRA contributions then please be aware that you might qualify for Saver's Credit when you make IRA contributions.  

Also, traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see IRA deduction limits.

If you are making IRA contributions for 2022 and didn't enter them then you might have to amend your tax return to enter them. 

[Edited 4/6/2023 | 9:59 am PST]

@300750Aisnfor

[Opus 17]

@DanaB27 

During either the federal review, or the final review, TurboTax will check the taxpayer’s IRA contributions and their eligibility, and if they have remaining eligibility, the program will recommend that they can lower their taxes if they make an additional contribution. This customer is trying to figure out what that recommendation was.   I don’t play around enough with the program to know how to go back to that recommendation screen.

[300750Aisnfor]

thanks for the response, we're starting to get somewhere.

I searched the return using the terms provided (Deductions and Credits, IRA contributions) but haven't found anything helpful.

The reason this is an issue is that in 2021 we contributed to our IRAs based on the information provided by the account manager (6000 for her, 7000 for him) and ended up with excess contributions we had to finagle.

So this year, before making final IRA contributions I used the turbotax tool during the completion of the return, which came up with a figure of around $1700 to deposit to one of the IRAs before tax day.

I thought, 'oh that's good, I'll do that', but now I cannot find that number anywhere!

When I log in to Turbotax I no longer can access Tools, all I see is Tax Home, Documents, Intuit Account, Switch to Spanish.

It's not mentioned in Tax Recap or Tax tips. Where the hell is it?

[300750Aisnfor]

Thanks for that tip on getting back in to view the worksheets!

I never would have thought to click "Add State" as a way to regain access.

I also notice that the first 3 pages on the copy I downloaded are completely blank whereas accessing them online they provide a summary, so that's good.

Not much help on the mystery contribution amount. It's only detailing the excess contributions made in 2021 and their return.

I did find a reference to $1894 and something about profit sharing (which we don't have), and as we haven't made any others I'm going to assume that's it.

Thanks again for the help.

Is there a way to give feedback to TurboTax developers on this? I tried using the 'help' thing but that's completely useless (and why I ended up here- I wouldn't normally approach the Crowd for tax help!)

[Opus 17]

@300750Aisnfor 

This does not directly address your question, but it just occurred to me that your IRA contributions might print out on your instruction page.  When you e-file you have the option to download or print your return, and the first page is a page of instructions.  Usually it just summarizes your return and your expected refund and confirms e-filing.  In your case, I wonder in the instruction page will include something like "Don't forget to make your IRA contributions of $x,xxx before April 18."  I don't use this feature so I can't test it myself.