Retirement tax questions

Generally, a Roth IRA contribution is not required to be reported in Turbotax.  It does not create a tax deduction or change your tax or refund.  There are two reasons to report a Roth IRA contribution.

1. if your income is too high to make a Roth IRA contribution, Turbotax will warn you so you can take steps to avoid a penalty.

2. Turbotax can keep track of your contributions which may be helpful if you want to withdraw funds before age 59-1/2.  But this is not required as long as you keep your own reliable records, and only helps you if you use TurboTax every year.  You can add the information next year if you use Turbotax again. 

[Edited to add]

3. If your income is less than the thresholds given here, you might qualify for a retirement savers credit.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-save...

 

 

 

The contribution limits for Roth IRAs depend on your income, filing status and other tax situations, see here.

https://www.irs.gov/retirement-plans/roth-iras