Thanks for your quick response.
If your 2023 tax return did not include any Retirement Savings Contributions Credit for the Roth IRA contribution your wife intended to make, no amendment to the 2023 tax return is needed because the Roth contribution is not reflected anywhere on your 2023 tax return.
When I searched our Y2023 Tax Return for "Retirement Savings Contributions Credit ", it says we didn't qualify for this credit as our income has to be lower than the IRS limit of $73,000. Since our income of $xx is greater than this limit, we didn't qualify for the credit last year.
However, you'll want to correct TurboTax's Roth IRA contribution basis tracking for your wife by removing the $7,500 that was not contributed. If the entry of your wife's proposed Roth IRA contribution into 2023 TurboTax did result the an increase in the Retirement Savings Contributions Credit, you'll need to amend the 2023 tax return and pay the additional tax.
Given that we did not qualify for the "Retirement Savings Contributions Credit", is my understanding correct that no amendments to 2023 tax return is needed?
Please advise.
Thanks
