Retirement tax questions

If you received a Form 1099-R follow the steps below to enter your retirement distribution from your IRA.

You'll have the option in TurboTax to import or upload your 1099-R or manually enter the information yourself.

Here's where to enter your 1099-R in TurboTax:

1. Open or continue your return.
2. In the Federal section, select Wages & Income.
3. Scroll to locate Retirement Plans and Social Security.
4. Select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R).

You can also find the 1099-R section using Search. Open your return, enter 1099r in the search bar, and select the Jump to 1099r link.

If you made an IRA contribution or a Roth IRA contribution, please follows the steps below.

Your IRA contributions are reported on Form 5498, IRA Contributions Information. Your IRA trustee or issuer—not you—is required to file this form with the IRS, usually by May 31. You won't find this form in TurboTax, nor do you file it with your tax return.

To enter your 2023 IRA contributions (money you put into your IRA):

1. Sign in to your TurboTax account.
2. Open or continue to your return.
3. In the search bar, type ira contributions and select the Jump to link in the search results.
4. We'll take you to the Traditional IRA and Roth IRA screen, where you can start the IRA interview.

Do I need to report my Roth IRA contributions?

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.

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