Where do I enter my traditional or Roth IRA contributions?

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.

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

1. Open or continue your return.
2. Navigate to the IRA contributions section:
   • TurboTax Online/Mobile: Go to IRA contributions.
   • TurboTax Desktop: Search for ira contributions and select the Jump to link.
3. Follow the onscreen instructions.

Do I need to report my Roth IRA contributions?

You have to report your traditional IRA contributions on your tax return in order to claim a tax deduction, and you should enter your Roth IRA contributions into TurboTax, because:

• You might qualify for the Saver’s Credit.
• This will record your Roth IRA basis, which can be useful for future tax calculations.
• Your traditional IRA contributions may be tax-deductible (the deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels).
• Excess contributions to a Roth or traditional IRA might result in a tax penalty.