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My parents contributed money to my Roth IRA in 2018. Do I need to report this? I did not contribute any of my own money to any retirement accounts.
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June 4, 2019
5:09 PM
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Retirement tax questions
The 2018 contribution to your Roth IRA is not reported on your Tax Return. However, you will want to enter the information in TurboTax to make sure you qualify for the contribution and because you may qualify for the Retirement Contributions Savings Credit (Savers Credit). You can enter your Roth IRA Contribution by following these steps: Where to Enter your IRA Contributions.
Keep in mind, a Roth IRA Contribution for you can't be in excess of your "earned income".
For example, if you made $3,000 at your job last year, you can't have a $4,000 Roth IRA contribution, the maximum contribution would be $3,000.
[Edited 3.14.2019| 2:26PM]
June 4, 2019
5:09 PM
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Retirement tax questions
You *will* want to enter this Roth IRA contribution into TurboTax when preparing your tax return so that TurboTax can confirm that you are eligible for this contribution and to track your basis in Roth IRA contributions so that TurboTax will be able to properly determine the taxable amount of any future Roth IRA distributions.
June 4, 2019
5:09 PM
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Retirement tax questions
You might also qualify for the Retirement Savings Credit.
June 4, 2019
5:09 PM