Roth IRA

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I put $ 7000 in my Roth IRA account in the Bank in 2020. I think there is no need to report it when I ask for my tax return because that is the money after tax. However, when I processed turbotax, it asked me about Roth IRA information. Can I skip this section or say no?

thanks

[VolvoGirl · Accepted solution]

You need to enter a ROTH IRA to see if you were qualified to make a contribution and it can qualify you for the retirement savings credit.

[DanaB27 · Accepted solution]

Yes, you are not required to report a Roth IRA contribution on your tax return but it is best to enter the Roth IRA contribution to keep track of contributions and to make sure there wasn't an excess contribution.

You might qualify for the Retirement Savings Credit: What is the 2020 Saver's Credit?