Yes. You have to report your traditional IRA contributions on your tax return in order to claim a tax deduction, and you should enter your Roth IRA contributions into TurboTax, because:
- You might qualify for the Saver’s Credit.
- This will record your Roth IRA basis, which can be useful for future tax calculations.
- Your traditional IRA contributions may be tax-deductible (the deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels).
- Excess contributions to a Roth or traditional IRA might result in a tax penalty.
To enter your 2023 IRA and Roth contributions (money you put into your IRA):
- Sign in to your TurboTax account.
- Open or continue to your return.
- In the search bar, type ira contributions and select the Jump to ira contributions link in the search results.
- We'll take you to the Traditional IRA and Roth IRA screen, where you can start the IRA interview.
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