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V
vze56v6x
Employee
February 23, 2025
Question

ROTH IRA

  • February 23, 2025
  • 1 reply
  • 0 views

i opened a ROTH IRA on 12/24/24 and made a $2400 contribution. 

Does this count for the 2024 tax year or 2025?

The brokerage house did not provide any tax forms for 2024 so I am a bit curious.

    1 reply

    D
    DanaB27
    February 23, 2025

    This will count as a Roth IRA contribution for 2024. You can always check your end-of the year statement.

     

    To enter the Roth IRA contribution:

     

    1. Login to your TurboTax Account 
    2. Click on "Search" on the top right and type “IRA contributions” 
    3. Click on “Jump to IRA contributions"
    4. Select “Roth IRA” 
    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    V
    vze56v6xAuthor
    Employee
    February 24, 2025

    So because i made th contribution on Dec 24 i didn't receive a year end statement. The first statement was Jan 2025.

     

    so do i just enter the amount I contributed on 12/24??

     

    also is this contribution taxable? I noticed when i entered the amount into turbo tax it increased the amount of taxes i owed.

    D
    DanaB27
    February 24, 2025

    Yes, since you made the contribution in December 2024 it will count as a contribution for 2024. Yes, you enter the contribution in the Roth IRA interview.

     

    Did you get a warning that you made an excess contribution at the end of the interview? You had earned income to make the Roth IRA contribution?

     

    For 2024, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

    • $7,000 ($8,000 if you're age 50 or older), or
    • If less, your taxable compensation for the year

    See IRS Retirement topics - IRA contribution limits for more details

     

    You cannot deduct Roth IRA contributions, they will not lower your taxable income.

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
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