Solved

Do I have to report my Roth IRA contributions when filing my taxes?

Forum|Forum|7 years ago
June 5, 2019
2 replies
0 views

I have a RothIRA from a brokerage firm. When filing my taxes with turbotax, do I HAVE to enter my contributions under the 'deductions and credits' page? I'm running into some complications when I try.

Best answer by macuser_22

No.

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.

You should only enter IRA contributions after all income has been entered so the above checks can be made accurately.

What sort of problems are you having when you try to enter it?

S

SweetieJean

Employee

Is this related to your prior Q;s re Roth?

macuser_22Answer

Employee

No.

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.

You should only enter IRA contributions after all income has been entered so the above checks can be made accurately.

What sort of problems are you having when you try to enter it?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**