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Retirement tax questions
You are not required to report Roth IRA contributions on your tax return.
By including them in Turbotax, you allow the program to perform several important functions:
1. verify that you are eligible to contribute to a Roth IRA (based on your income and other tax situations)
2. verify that your total traditional IRA plus Roth IRA contributions do not exceed your limit (based on your income and other tax situations)
3. Keep track of your Roth IRA contribution basis, which may help you avoid taxes in the future if you withdraw funds from your Roth IRA.
If you can perform these functions on your own, you don't need to enter your Roth contributions into the program.
‎April 7, 2023
7:20 AM