topic Turbo Tax is not asking for Roth contribution information in Retirement tax questions

Turbo Tax is not asking for Roth contribution information

noviceattax — Wed, 24 Feb 2021 05:02:08 GMT

I have filled up all my income sources. However, so far the s/w has not asked for my Roth IRA contribution information. When will that happen? I know I am asking in advance but I waiting for some other information to proceed with my return filling so far. So, in parallel I want to sort this out too, as it is very hard to contact my brokerage firm and takes too much time.

Re: Turbo Tax is not asking for Roth contribution information

VolvoGirl — Wed, 24 Feb 2021 05:07:27 GMT

You can type ira contributions in the search bar at the top and it will give you a JUMP TO link to go right to it.

OR 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

Re: Turbo Tax is not asking for Roth contribution information

macuser_22 — Wed, 24 Feb 2021 05:10:47 GMT

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

A Roth IRA contribution does not actually go on a tax return, but you should enter it anyway to:

1) Tell you if your income qualifies you for a contribution and warn you if it does not.
2) Check if your income exceeds the limit to contribute to a Roth.
3) Track your contribution year-to-year if you use TurboTax every year.
4) Add the Retirement Savers Credit if you qualify.