Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Feb 8, 2023 7:03:28 AM

Filed with an Roth IRA, but don't actually have one

In past years I have filled out the TurboTax forms stating that I have a Roth IRA. This is always how it was described and what I thought I had. Now I find out what I have been contributing to was a Roth 401k (in addition to my 401k). In past years I have answered yes that I had a Roth IRA and entered the corresponding dollar amount. This was wrong, but is it something I need to have corrected? I went in to TurboTax 2021, deleted my Roth IRA info, and it did not change the refund amount.

0 2 278
2 Replies
Expert Alumni
Feb 8, 2023 7:22:27 AM

Roth IRA  contributions are not tax deductible and are not reported on your tax return. TurboTax asks for your Roth IRA contributions only to determine whether you have over-contributed considered your level of income.

 

You do not have to amend your previous tax returns.

Level 2
Feb 8, 2023 7:24:55 AM

Good, thank you!