You are not required to respond to this before you file. Keep close track of you contributions in case you take any money out of your Roth IRA early. A Roth IRA differs from a traditional IRA in several ways. Contributions to a Roth IRA aren't deductible (and you don't report the contributions on your tax return), but qualified distributions or distributions that are a return of contributions aren't subject to tax. To be a Roth IRA, the account or annuity must be designated as a Roth IRA when it's set up. For more information on Roth IRA contributions, refer to Topic no. 309 and to determine if a distribution from your Roth IRA is taxable, see Is the distribution from my Roth account taxable?

Question

Turbotax is asking what I plan to contribute to a Roth IRA. Im not sure yet since I have until April. I want to file now, how do I respond to this question?

Forum|Forum|2 years ago
February 17, 2024
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TurboTax Deluxe Online

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DianeW777

You are not required to respond to this before you file. Keep close track of you contributions in case you take any money out of your Roth IRA early.

A Roth IRA differs from a traditional IRA in several ways.

Contributions to a Roth IRA aren't deductible (and you don't report the contributions on your tax return), but qualified distributions or distributions that are a return of contributions aren't subject to tax.
To be a Roth IRA, the account or annuity must be designated as a Roth IRA when it's set up. For more information on Roth IRA contributions, refer to Topic no. 309 and to determine if a distribution from your Roth IRA is taxable, see Is the distribution from my Roth account taxable?

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