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Does the amount I enter in Turbo Tax as my ROTH IRA CONTRIBUTION get reported to the IRS or is it just for help me keep track of my contributions? Thanks for the help!
I added funds after filing taxes. Is that a 1040X reportable issue or just a matter of updating TT in 2020 for 2019 tracking?
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Retirement tax questions
No, it is not reported on your return. You don't have to report your contribution to a Roth IRA; however, you may want to input it into TurboTax so you can track your basis. In order to avoid paying taxes on the earnings, it’s necessary to leave your contributions in your Roth IRA for at least five years. Just update in 2019, don't amend your return with a 1040X.
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Retirement tax questions
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Retirement tax questions
A Roth IRA contribution does not actually go on a tax return, but you should enter it anyway to:
1) Tell you if your income qualifies you for a contribution and warn you if it does not.
2) Check if your income exceeds the limit to contribute to a Roth.
3) Track your contribution year-to-year if you use TurboTax every year.
4) Add the Retirement Savers Credit if you qualify.
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