- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
A Roth 1099-R or a Roth IRA contribution?
If a 1099-R and it does not affect the tax the I would not bother with an amended return. The IRS might detect it when they match in about a year of so and send a letter. A simple explanation in response to the letter should be sufficient - they rarely send letters for no tax change errors.
Roth contributions do not go on a tax return.
A Roth IRA contribution does not actually go on a tax return, but you can enter it anyway to:
1) Tell you if your income qualifies you for a contribution and warn you if it does not.
2) Check if your income exceeds the limit to contribute to a Roth.
3) Track your contribution year-to-year if you use TurboTax every year.
4) Add the Retirement Savers Credit if you qualify.