No. You do not need toinclude contributions to a Roth TSP in your return because there is no deductionbenefit for contributing to Roth IRA. WhileRoth contributions are not reported on your tax return, it is a good idea toenter them the in the IRA contribution section anyway because TurboTax will:track the basis of your contributions for you year-to-year. [This becomes important when you start making withdrawals--to track how much of the distribution is taxable.] alert you if your MAGI exceeds the Roth contribution limit and are subject to a penalty.alert you if you have insufficient earned compensation to contribute.

Question

I have a Roth TSP. Do I need that statement in order to file my taxes?

Forum|Forum|7 years ago
June 5, 2019
1 reply
0 views

No text available

TurboTax Free Edition Online

I

Irene2805

No. You do not need to include contributions to a Roth TSP in your return because there is no deduction benefit for contributing to Roth IRA.

While Roth contributions are not reported on your tax return, it is a good idea to enter them the in the IRA contribution section anyway because TurboTax will:

track the basis of your contributions for you year-to-year. [This becomes important when you start making withdrawals--to track how much of the distribution is taxable.]
alert you if your MAGI exceeds the Roth contribution limit and are subject to a penalty.
alert you if you have insufficient earned compensation to contribute.