Saving with a Roth IRA has some tax advantages, but you cannot use your contributions as a tax deduction. The reason that contributions to a Roth IRA aren’t deductible is because the withdrawals you make during retirement aren’t taxable.
Where do I put my Roth IRA on TurboTax?
To enter contributions to a Roth IRA in TurboTax, please follow these steps:
- Click on Federal Taxes > Deductions & Credits.
- Scroll down to the Retirement and Investments section and click on the Start/Revisit box next to Traditional and Roth IRA Contributions.
How to report a Roth conversion on TurboTax?
VolvoGirl’s comment above describes how to reach the page to enter a Form 1099-R to report a Roth conversion. On TurboTax’s 1099-R form enter: For maximum benefit of the conversion, you’ll want to decline tax withholding on the conversion and pay the taxes with other funds.
Do you need the deluxe version of TurboTax?
If you only have a W-2 from work and various Form 1099s, you may only need the TurboTax Free Edition. Do you own a home? Make donations? If you want to itemize your deductions on a Schedule A, you’ll need to get the Deluxe edition.
Why does Turbo Tax ask for the total of all my IRA contributions?
After entering the value of my total contributions to my Traditional IRA, Turbo Tax Deluxe, a version which does not contain retirement planning advice modules, asked me how much money is in all of my Traditional IRA accounts. That sounds like personal information which is not necessary to calculate an IRA deduction.
What do you get with TurboTax live basic?
With TurboTax Live, you get access to tax experts with an average of 12 years experience preparing tax returns. It’s like bringing the tax store to your home computer. Not only that—TurboTax always double-checks your return for errors as you go, and before you file your taxes.