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Do I need to declare my contribution to my Roth IRA for 2023? (I maxed out my Roth IRA contribution and need to know whether that information affects my tax standing).

Forum|Forum|2 years ago
November 30, 2023
2 replies
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If yes, how do I do that? Does this affect my taxable income since I'm contributing after-tax dollars?

TurboTax Online

Best answer by SteamTrain

Then....also, year-end distributions (mostly mutual funds) can sometimes unexpectedly send your AGI over the limits that allow to do a full ROTH IRA contribution (happened to my brother one year)....and entering your ROTH contribution into the tax software, can help/notify you that you exceeded your contribution limit for 2023, and prompt you to remove some of those contribution $$.

Check to see if you are anywhere near those limits:

Amount of Roth IRA Contributions That You Can Make For 2023 | Internal Revenue Service (irs.gov)

B

Bsch4477

Employee

You don’t have to report your Roth contribution since it doesn’t affect your tax liability. But entering into TurboTax can help you keep track of your basis.

SteamTrainAnswer

Employee

Then....also, year-end distributions (mostly mutual funds) can sometimes unexpectedly send your AGI over the limits that allow to do a full ROTH IRA contribution (happened to my brother one year)....and entering your ROTH contribution into the tax software, can help/notify you that you exceeded your contribution limit for 2023, and prompt you to remove some of those contribution $$.

Check to see if you are anywhere near those limits:

Amount of Roth IRA Contributions That You Can Make For 2023 | Internal Revenue Service (irs.gov)

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*