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March 10, 2022
Question

Do I need to add Roth IRA contribution to filing?

  • March 10, 2022
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1 reply

March 10, 2022

No.  Contributions to a Roth IRA aren't deductible (and you don't report the contributions on your tax return), but qualified distributions or distributions that are a return of contributions aren't subject to tax.

 

However, you may qualify for the Savers Credit.  Roth IRA does qualify you for the saver's credit. The first $2,000 contribution qualifies for the credit and it is also income-based. 

 

Follow these steps to enter your Roth Contribution:

To enter your 2021 IRA contribution (money you put into your IRA), open your return, search for ira contributions and select the Jump to link in the search results. We'll take you to the Traditional IRA and Roth IRA screen where you can start the IRA interview.

 

[Edited 3/14/2022 5:36AM PST]

 

Use this link for more information:  Individual Retirement Accounts

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