IRA contributions for 2022 in 2023

[shammers48]

Thank You MichaelG and rjs !  My only other question is if I owe 1513 to the fed how much would I need. I'm at the File and Send stage. I haven't seen the generated 1040, So I don't know AGI or Tax table entry.

[MichaelG81]

It depends, enter the amount you would like to contribute before the deadline of generally April 15, this should reduce taxes or show why it can't be reduced. I am assuming you are making a contribution to your IRA. And if it is asking you for your AGI it's your adjusted gross income from last year found on your tax return for 2021, done in 2022; this is a link on how to find your last years tax return AGI.

@shammers48 

[rjs]

Do you mean that you have a $1,513 outstanding debt to the IRS for past years, or is $1,513 the amount you owe on your 2022 tax return? Are you trying to make an IRA contribution in order to eliminate the amount that you owe for 2022?

The amount that you would have to contribute to an IRA in order to eliminate a $1,513 payment due depends on many factors. There's no simple way to calculate it. You can experiment by entering an IRA contribution in TurboTax, even though you haven't actually made a contribution yet. Then adjust the amount of the contribution up or down until you get the result that you want. This is basically what MichaelG81 is suggesting. Just make sure that before you file you set the IRA contribution to the amount that you will actually contribute, or delete the contribution if you are not going to make one.

See the following FAQ for instructions to view your Form 1040 in TurboTax Online.

How do I preview my TurboTax Online return before filing?

If you have further questions, please add a reply to this thread. Do not post another separate question about the same situation. When information is scattered in multiple threads it's confusing and hard to follow, and hard to see the whole picture.

[shammers48]

Yes 1513 due for 2022 tax year. I was going to work the tax table backwards but I'll try putting in different amounts in the deductions sections for ira contributions. I'll talk to my ira agent to get doc's emailed and scanned.  When I hit the "why do I owe" it fined me $22 for not deducting enough, my hr person at work shows me married w/0 does that mean I should change it to single w/0? The 1040 forms I was talking about are 2022 that haven't been generated yet. (file and send stage)

Sorry for jumping threads I had to change my default browser. Thanks you all have been a great help !!!

[rjs]

Use the Tax Withholding Estimator on the IRS web site to figure out what to put on your W-4 form. The W-4 form doesn't use allowances anymore, so you no longer "claim 0" or any other number of allowances. The new form works differently.

The 1040 has been generated. It's created as you enter your information, not just when you file. You can look at it by following the instructions in the FAQ that I referenced. Sorry I neglected to make it a link. I've fixed it now in my previous post, and here it is again.

How do I preview my TurboTax Online return before filing?

[shammers48]

Questions answered.  Thank you all very much.