By entering when we started our Roth IRA accounts will impact how much we will owe in taxes? We contribute $2K to 2 accounts each year and have for at least 10 years.
Roth contributions are not deductible.
Enter IRA contributions here: Federal Taxes, Deductions & Credits, I’ll choose what I work on (if that screen comes up), Retirement & Investments, Traditional & Roth IRA contribution.
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.
A Roth IRA contribution does not actually go on a tax return, but you should 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.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**