Retirement tax questions

A 1095A is a form that is sent to you by a marketplace health insurance when you have a marketplace health insurance plan (ACA or “Obamacare”).  You must enter this in TurboTax to determine whether or not you are eligible for a premium tax credit, and whether you must re-pay any premium tax credit you previously received.

 

A Roth IRA is a type of individual retirement account.

 

The word “Roth“ is also sometimes referred to after tax retirement plans sponsored through your employer, including 403(b) and a 401(k), although the use of the term “Roth“ is somewhat inaccurate in this case.  A traditional 401(k) or 403(b) takes pretax income, and you are taxed when it is withdrawn in retirement. A “Roth“ 403(b) or 401(k) takes after-tax contributions and you do not pay tax in retirement.  

If you have an after-tax or “Roth“ workplace retirement plan, that is dealt with on your W-2 and you do not enter those contributions again when you are asked about a Roth IRA. The two types of plans are completely different in their rules and  regulations, even though they have similar purposes.