Roth IRA - Forgot to Contribute - Need to Amend?

Forum|Forum|1 year ago
February 20, 2025
1 reply
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Hi, I have a quick question. Last year, when filing my taxes, I indicated in Turbotax that I planned to make a $1000 contribution to a Roth IRA. Reviewing my records for filing this year's taxes, I realized that I forgot to actually make the contribution. I am a student, so I didn't make a contribution to any other kind of IRA either.

My question is, do I need to file any kind of amendment or do anything else to reconcile this? Because Roth IRAs are not deductible anyway, I don't think it would change anything about the amount I owed, and (maybe for that reason?) wasn't listed on my return. But I may not fully understand.

Thanks very much in advance for your help!

BillM223

You probably don't have to do anything about your lapse.

1. As you know, Roth IRA contributions are not normally reported on your tax return.

2. You do tell TurboTax about them, so TurboTax can ensure that you did not make excess contributions. If you did not get any such message, that's good.

3. Making contributions to a Roth IRA may trigger the Retirement Savings Contribution tax credit. However, if you told TurboTax that you were a student, then this credit would have been disallowed, so you don't have to worry about that.

So, assuming that you did not get a message about making excess contributions last year, and assuming that you did not get the Retirement Savings Contribution Tax Credit, you do not have to do anything...except to remember to ACTUALLY make the contributions this year.

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