There are two
separate sections of TurboTax to indicate contributions to a Roth IRA and/or a SEP IRA.
Indicating that you have contributed or are planning to
contribute to a Roth IRA should not make a significant change in your overall
refund or balance due since Roth contributions are not tax deductible. In general, the only change you would see by
contributing to a Roth IRA would be a possible Saver’s Credit.
Use these steps to go to the section of your return to enter
your Roth contributions:
-
On the top row of the
TurboTax online screen, click on Search (or for CD/downloaded TurboTax
locate the search box in the upper right corner)
-
This opens a box where you
can type in “IRA contributions” (be sure to enter exactly as shown here)
and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
-
The search results will
give you an option to “Jump to IRA contributions”
-
Click on the blue “Jump
to IRA contributions” link and enter your information
Use the steps below to go to the self-employed retirement section of your return. Go through the screens until you get to the
question regarding making a contribution to a SEP where you will indicate that
you have (or are planning to) contributed.
Then, there will be a check-box beside the entry for the amount you
contributed or plan to contribute. The
box is labeled Maximize. Checking the box will allow TurboTax to
calculate the maximum that you can contribute based on your business income.
-
On the top row of the
TurboTax online screen, click on Search (or for CD/downloaded TurboTax
locate the search box in the upper right corner)
-
This opens a box where you
can type in “self-employed retirement” (be sure to enter exactly as
shown here) and click the magnifying glass (or for CD/downloaded
TurboTax, click Find)
-
The search results will
give you an option to “Jump to self-employed retirement”
-
Click on the blue “Jump
to self-employed retirement” link
For more information about how to make the maximum contribution
calculation on your own, Click
Here.