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Level 1
posted Jul 5, 2020 10:00:31 PM

Filed timely Tax year 2018 return stating I will make ROTH IRA contribution. However I forgot to mail ROTH contribution check on time. How to update return for IRS.

Tax Year: 2018.

 

I was eligible for Roth IRA contribution. I filed taxes with IRS in timely manner (prior to April 15 2019). In my turbotax filing, I specified that I will be making the Roth contribution by check prior to April 15th deadline.

However I realized in May that I forgot to deposit check for ROTH contribution check. Brokerage would not accept it.

 

Question: What steps do I need to take within turbotax to indicate that I DID NOT make Roth contribution? If I remember correctly, I tried to amend the return, but it didnt print anything different than my original filing. So I havent mail anything to IRS yet. Which form does this line item show up?

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1 Best answer
Level 15
Jul 6, 2020 8:50:38 AM

Except in the case where the contribution qualified you for a Retirement Savings Contributions Credit.  If your 2018 tax return included Form 8880, you must amend unless you made other retirement contributions that by themselves give you the maximum allowed credit.

2 Replies
Level 15
Jul 6, 2020 7:44:06 AM

Contributions to a Roth IRA are not reported on your return, even though Turbotax asks about them and will make recommendations.  There is nothing to fix. 

Level 15
Jul 6, 2020 8:50:38 AM

Except in the case where the contribution qualified you for a Retirement Savings Contributions Credit.  If your 2018 tax return included Form 8880, you must amend unless you made other retirement contributions that by themselves give you the maximum allowed credit.