Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
stephenkersten
New Member

Do I need to report my ROTH IRA contributions on my 2016 tax return?

 
2 Replies
cupcakerosa
New Member

Do I need to report my ROTH IRA contributions on my 2016 tax return?

I still have an IRA from a job I had 3 years ago. I no longer work there, Do I still need to report it on my 2017 filed taxes this year?
ChristinaS
New Member

Do I need to report my ROTH IRA contributions on my 2016 tax return?

You don't "have" to. Permitted Roth contributions don't actually go on your tax return. The only information that goes to the IRS from your tax return is:

A/ A penalty for an unwithdrawn excess Roth contribution, based on limited earned income, being Married Filing Separately, too much contributions, or income above the Roth thresholds.

B/ You could get a Retirement Savings Credit if your income is low enough to support that. It cannot be calculated if your contribution is not inputted.

It is recommended that you inform Turbo Tax of the Roth contribution, so any consequences (good, bad, or none at all) can be addressed.

Dynamic AdsDynamic Ads
Privacy Settings
v