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Retirement tax questions
It is not required to report Roth IRA contributions. However, reporting them gives you two benefits. First, if you accidentally contributed more than your limit, turbotax will warn you so that you can take steps to fix the problem and avoid penalties. Second, Turbotax will keep track of your contributions for you, which may be helpful if you make withdrawals under the age of 59-1/2.
You must report all withdrawals, which will be reported to you on a form 1099-R.
‎June 20, 2023
10:40 AM