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BDORR
New Member

Do I have to report my Roth IRA contributions when filing my taxes?

I have a RothIRA from a brokerage firm.  When filing my taxes with turbotax, do I HAVE to enter my contributions under the 'deductions and credits' page?  I'm running into some complications when I try.
1 Best answer

Accepted Solutions
macuser_22
Level 15

Do I have to report my Roth IRA contributions when filing my taxes?

No.


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.

You should only enter IRA contributions after all income has been entered so the above checks can be made accurately.

What sort of problems are you having when you try to enter it?

**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.**

View solution in original post

7 Replies
SweetieJean
Level 15

Do I have to report my Roth IRA contributions when filing my taxes?

Is this related to your prior Q;s re Roth?
macuser_22
Level 15

Do I have to report my Roth IRA contributions when filing my taxes?

No.


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.

You should only enter IRA contributions after all income has been entered so the above checks can be made accurately.

What sort of problems are you having when you try to enter it?

**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.**
SweetieJean
Level 15

Do I have to report my Roth IRA contributions when filing my taxes?

SweetieJean
Level 15

Do I have to report my Roth IRA contributions when filing my taxes?

macuser_22
Level 15

Do I have to report my Roth IRA contributions when filing my taxes?

I commented on that post also.
**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.**
daral
New Member

Do I have to report my Roth IRA contributions when filing my taxes?

For Sep Keough Form Self employed Keough we are qualified for $79189 401K .  We have$4407 available to still contribute as we have only put in 74,482.  Turbo Tax assumes the $79189 on the tax return.  If I put in $4407 into Roth instead of 401K we must reduce the $79189 figure.  Should I show this contribution to Roth on Keough sep form to reduce to $74482.

ErnieS0
Employee Tax Expert

Do I have to report my Roth IRA contributions when filing my taxes?

@daral No. Roth IRAs and Keogh SEPs are entered in different places in TurboTax because Roth IRA contributions are not deductible, while Keogh SEPs are deductible.

 

You will have to reduce your Keogh max in TurboTax if you do not contribute the full amount.

 

TurboTax will calculate your maximum allowable contribution based on your net earnings if you check the Maximize box on the Keogh, SEP and SIMPLE Plan screen, If you contribute less, enter the amount of your actual contribution.

 

To enter your Roth contribution:

  • Type ira contributions in Search in the upper right
  • Click Jump to ira contributions
  • Check Roth IRA and continue filling out your information

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