Do I need to report Roth contributing?

[TomK2023]

Yes.  You have to report your traditional IRA contributions on your tax return in order to claim a tax deduction, and you should enter your Roth IRA contributions into TurboTax, because:

• You might qualify for the Saver’s Credit.
• This will record your Roth IRA basis, which can be useful for future tax calculations.
• Your traditional IRA contributions may be tax-deductible (the deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels).
• Excess contributions to a Roth or traditional IRA might result in a tax penalty.

To enter your 2023 IRA and Roth contributions (money you put into your IRA):

1. Sign in to your TurboTax account.
2. Open or continue to your return.
3. In the search bar, type ira contributions and select the Jump to ira contributions link in the search results.
4. We'll take you to the Traditional IRA and Roth IRA screen, where you can start the IRA interview.

[dmertz · Accepted solution]

While it's not required that you report a Roth IRA contribution (unless it's an excess contribution), you absolutely do want to enter into TurboTax your Roth IRA contributions so that TurboTax can check for any excess contributions and can track your contribution basis in case you take a nonqualified distribution from your Roth IRAs.