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Retirement tax questions
No, you do not need to report your Roth contribution if you know for sure that you were allowed to make the Roth contribution.
But you might be missing out of the Retirement Savings Credit if you do not report the contribution. Plus it is nice to use TurboTax to track your contributions throughout the years.
For 2021 the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $6,000 ($7,000 if you're age 50 or older), or
- If less, your taxable compensation for the year
Also, your Roth IRA contribution may be limited based on your filing status and income. Please see 2021 - Amount of Roth IRA Contributions You Can Make for 2021.
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‎April 10, 2022
12:17 PM