Do I need to declare my contribution to my Roth IRA for 2023? (I maxed out my Roth IRA contribution and need to know whether that information affects my tax standing).

[anderson-kelsey-]

If yes, how do I do that? Does this affect my taxable income since I'm contributing after-tax dollars?

[Bsch4477]

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. 

[SteamTrain · Accepted solution]

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)

[fanfare]

If your AGI is low enough, you would be eligible for the Retirement Savings Contributions Credit.