☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Nov 30, 2023 9:03:30 AM

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).

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

0 3 766
1 Best answer
Level 15
Nov 30, 2023 9:55:42 AM

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)

 

3 Replies
Level 15
Nov 30, 2023 9:25:32 AM

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. 

Level 15
Nov 30, 2023 9:55:42 AM

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)

 

Level 15
Nov 30, 2023 11:53:16 AM

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