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July 14, 2020
Question

I forgot to include my Roth IRA contribution in my tax return. Is it true that the IRS doesn't need this?

  • July 14, 2020
  • 1 reply
  • 0 views
I am putting 6,000 each in my spouse and my Roth IRAs for 2019 but forgot to put this into Turbo Tax.  Is it true that the IRS doesn't need this info?  Also, is there a way to put this into Turbo Tax so that I have a record of the contribution?

1 reply

macuser_22
Employee
July 14, 2020

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

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.

**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.**