IRA CONTRIBUTION

Forum|Forum|3 years ago
March 28, 2023
1 reply
9 views

We have already filed our 2022 taxes. When working through them, Turbo tax stated that whether we contribute to our IRA or not it would not impact anything on our tax position. My question is, if we do decide to contribute to our IRAs before April 15 , is that okay? We did not state we were going to on the 2022 taxes we filed. Do we need to take any action regarding the already filed returns?

Thank you!

Bsch4477

Level 15

If the contribution doesn’t affect your tax liability you don’t have to amend your return because you contributed to an IRA.

DanaB27

Level 15

As Bsch4477 mentions generally if the IRA contribution doesn't change your refund or balance due then you do not need to amend your return.

For 2022 the total contributions you can make to all of your traditional IRAs and Roth IRAs can't be more than:

$6,000 ($7,000 if you're age 50 or older), or
If less, your taxable compensation for the year

Also, your Roth IRA contribution may be limited based on your filing status and income. Please see Amount of Roth IRA Contributions You Can Make for 2022 for details.

Please be aware, if you make nondeductible traditional IRA contributions then you will need to file Form 8606. Traditional IRA contributions might be nondeductible if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see IRA deduction limits for details.

If you make an IRA contribution it might be a good idea to verify that you won't qualify for the Saver's Credit. Please see What is the 2022 Saver's Credit? for additional information.

@Rhondajoy-25

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