Enter roth ira

Forum|Forum|3 years ago
June 16, 2023
2 replies
11 views

Where do I enter Roth IRA contributions? Is it only if I make a withdrawal?

TurboTax Self Employed Online

DoninGA

Level 15

To enter, edit or delete an IRA contribution -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Retirement and Investments
On Traditional and Roth IRA Contributions, click the start or update button

Or enter ira contributions in the Search box located in the upper right of the program screen. Click on Jump to ira contributions

Opus 17

Level 15

It is not required to report Roth IRA contributions. However, reporting them gives you two benefits. First, if you accidentally contributed more than your limit, turbotax will warn you so that you can take steps to fix the problem and avoid penalties. Second, Turbotax will keep track of your contributions for you, which may be helpful if you make withdrawals under the age of 59-1/2.

You must report all withdrawals, which will be reported to you on a form 1099-R.