I reported on my tax return that I would contribute to my roth IRA with earned income for year 2021 but did not do so and I cannot do it anymore since it is past the deadline. Do I have to amend my tax return or can I just leave it?
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Not unless a 8880 (retirement contributions credit) form was filed. Roth contributions do not get reported to the IRS but if you use TurboTax to track contributions the you should remove it so the carry over amount will be correct.
Thanks, so basically the field that I entered in TurboTax is just for my personal records right?
@botprotection wrote:
Thanks, so basically the field that I entered in TurboTax is just for my personal records right?
A Roth IRA contribution does not actually go on a tax return, but you should enter it anyway to:
1) Tell you if your income qualifies you for a contribution and warn you if it does not.
2) Check if your income exceeds the limit to contribute to a Roth.
3) Track your contribution year-to-year if you use TurboTax every year.
4) Add the Retirement Savers Credit if you qualify.
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