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June 3, 2019
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Hello, Is it necessary to report my Roth IRA Contributions? Thanks!

  • June 3, 2019
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Best answer by Ashby

You do not report your Roth IRA and Roth 401 (k) contributions on your tax return as they are not deductible.

But keep track of these contributions over the years. If you have to make an early withdrawal from your Roth accounts, the contributions are not taxable or subject to early withdrawal penalty.

1 reply

AshbyAnswer
June 3, 2019

You do not report your Roth IRA and Roth 401 (k) contributions on your tax return as they are not deductible.

But keep track of these contributions over the years. If you have to make an early withdrawal from your Roth accounts, the contributions are not taxable or subject to early withdrawal penalty.

Critter
Employee
June 3, 2019
Entering it is wise not only so the program can track it for you but you may be eligible for the Saver's credit.