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Then....also, year-end distributions (mostly mutual funds) can sometimes unexpectedly send your AGI over the limits that allow to do a full ROTH IRA contribution (happened to my brother one year)....and entering your ROTH contribution into the tax software, can help/notify you that you exceeded your contribution limit for 2023, and prompt you to remove some of those contribution $$.
Check to see if you are anywhere near those limits:
Amount of Roth IRA Contributions That You Can Make For 2023 | Internal Revenue Service (irs.gov)
You don’t have to report your Roth contribution since it doesn’t affect your tax liability. But entering into TurboTax can help you keep track of your basis.
Then....also, year-end distributions (mostly mutual funds) can sometimes unexpectedly send your AGI over the limits that allow to do a full ROTH IRA contribution (happened to my brother one year)....and entering your ROTH contribution into the tax software, can help/notify you that you exceeded your contribution limit for 2023, and prompt you to remove some of those contribution $$.
Check to see if you are anywhere near those limits:
Amount of Roth IRA Contributions That You Can Make For 2023 | Internal Revenue Service (irs.gov)
If your AGI is low enough, you would be eligible for the Retirement Savings Contributions Credit.
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