Traditional IRA

[DianeW777]

To clarify we may need additional information to know your exact question.  Some details about a traditional IRA are included here for you.

For 2022, 2021, 2020 and 2019, the total contributions you make each year to all of your traditional IRAs  and Roth IRAs can't be more than:

• $6,000 ($7,000 if you're age 50 or older), or
• If less, your taxable compensation for the year
• IRA Deduction Limits 2021 (and 2022)

The following link will provide instruction to enter your contribution in TurboTax.  Then TurboTax will calculate the allowable deduction.

• Where do I enter my traditional IRA in TurboTax?

Please update here if you need further assistance and one of our tax experts will help.

[bguddeck]

I did not go over the $6000 number in any of those years. I am just asking why my refund amount drop significantly when I entered the value of my Traditional IRA. I have done 8606 forms each year also. thanks

[JohnB5677]

Please clarify what you were trying to do at the time, and where you tried to enter it?

Where did you enter the value of your IRA?

[bguddeck]

Wages & income, update IRA ,401K ...(1099-R), 1099 R entries continue 1st Question - Did either...Disaster... answer No, 2nd Question - Any Non-Deductible .. Yes,  3rd Question IRA Basis entered, 4th Question Tell Us the value of your Traditional IRA on 12/31/2021

[ThomasM125]

TurboTax may determine the taxability of your IRA distribution based on the value of your IRA at the beginning of the year, the distributions and contributions during the year and the value at the end of the year. You can look on your form 1040 on line 4(a) to see if the correct amount of your distributions is showing as taxable.

You can view your form 1040 while working in the online version of TurboTax by following these steps:

While working on your return in the Federal section of TurboTax:

   1.  Choose the Tax Tools icon on your left menu bar

   2.  Tools

   3.  View Tax Summary

   4.  Choose the Preview my 1040 on your left menu bar