- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Q. Do we have to do anything with Roth IRA contributions? We don't need to do anything on our end. is that correct?
A. Simple answer: that's correct. Nothing is reported about your Roth contribution on your tax return.
But taxes aren't simple. Although, in theory, you should never be taxed on the Roth IRA, you do need to keep track of your contributions ("basis"), just in case you make a premature withdrawal some time in the future. TurboTax will do that for you, but you have to enter your contributions. Also, as explained above, you may be eligible for the Savers credit.
Discussion on early withdrawals: https://www.investopedia.com/the-pros-and-cons-of-an-early-withdrawal-from-your-roth-ira-4770546
‎November 5, 2021
3:40 AM