Where do I enter my traditional or Roth IRA contributions?

by TurboTax•780• Updated 1 month ago

Traditional and Roth IRA contributions are reported on Form 5498, IRA Contributions Information. Your IRA trustee or issuer—not you—is required to file this form with the IRS, usually by May 31. You won't find this form in TurboTax, nor do you file it with your tax return.

How do I enter my IRA contributions in TurboTax?

To enter your 2024 IRA contributions (money you put into your traditional or Roth IRA):

Open or continue your return.
To get to the IRA contributions section:
- TurboTax Online/Mobile: Go to IRA contributions.
- TurboTax Desktop: Search for ira contributions and select the Jump to link.
Follow the onscreen instructions.

Do I need to report my IRA contributions?

Traditional IRA contributions have to be reported on your tax return in order to claim a tax deduction. Note: a deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

Roth IRA contributions should be entered into TurboTax to record your end-of-year value or your Roth IRA basis, for future use.

Entering both types of contributions is important also because:

You might qualify for the Saver’s Credit.
You need to know if you’ve made any excess contributions to a Roth or traditional IRA that might get penalized.

How to enter an IRA distribution (money you took out of your IRA)

If you need to enter a 2024 IRA distribution (money you took out of your IRA), or a conversion, rollover, or recharacterization, this is reported on a Form 1099-R. You should get this form from your IRA custodian by mid-February. Once you have your 1099-R, enter it in TurboTax.