Do you need to report Roth IRA contribution?

No, you do not need to report your Roth contribution if you know for sure that you were allowed to make the Roth contribution.

But you might be missing out of the Retirement Savings Credit if you do not report the contribution. Plus it is nice to use TurboTax to track your contributions throughout the years.

For 2021 the total contributions you make each year to all of your traditional IRAs  and Roth IRAs can't be more than:

• $6,000 ($7,000 if you're age 50 or older), or
• If less, your taxable compensation for the year

Also, your Roth IRA contribution may be limited based on your filing status and income. Please see 2021 - Amount of Roth IRA Contributions You Can Make for 2021.

Thanks SO much, @DanaB27 ! This is a relief! I am a full-time student and a dependent of my parents, so I don't think I qualify for the retirement savings credit. My income is low, and I am contributing far less than the contribution limit, so I think should be good with the contribution table that you provided.

Is there a way that I can add in the Roth IRA contribution to TurboTax after I have filed my returns, so that TurboTax can track my contributions for me?

Many thanks!

No, you can only make changes to your return with an amendment. You can track it yourself for now and then next year when TurboTax asks to track your Roth basis you can add your prior net contributions.

Yes, as long as you didn’t contribute more than you earned income from your job you are good to go. 

@rattieprincess

TT also checks to make sure you are eligible to make the contribution.