How do I add a Roth contribution to Turbotax if I have already filed for 2022. I don't think I need to file an amendment but just need to update my Roth record in TT.

[DanaB27 · Accepted solution]

If your return has been accepted by the IRS, then you have to start an amended return (1040X) to make changes. Roth IRA contributions might qualify you for the Saver's Credit. If your refund/ balance due changes with adding your Roth contribution and you need to file, then please wait until your refund or payment is processed. Please be aware that you can e-file your 2022 amended federal tax return, but states may require amendments to be printed and filed by mail. Please see How to amend a tax return for instructions.

@Stickman4

[dmertz]

There is nothing to amend on your filed tax return unless this is an excess contribution or it qualifies for a Retirement Savings Contributions Credit.  You can amend your tax return in TurboTax to include this contribution, but absent a need to file the amendment, the only reason would be to correct your Roth IRA basis tracking so that it will be correct when transferring your tax file into 2023 TurboTax next year.

Alternatively you can just correct your basis information in 2023 TurboTax after transferring in your existing 2022 tax file.

[Stickman4]

Thanks for your response.  I guess then, that there is nothing I can do now, short of amending my return, to include this contribution in my 2022 Turbotax file.

[Stickman4]

Thanks, Dana.  I am already eligible for the Saver's Credit.  I am wondering if and how I can update my TT files to reflect an adjusting Roth basis.

[DanaB27]

As dmertz mentioned you can start an amendment and add the Roth IRA contribution with the steps below. Or you correct your basis information in 2023 TurboTax after transferring your existing 2022 tax file. 

1. Click on "Search" on the top right and type “IRA contributions” 
2. Click on “Jump to IRA contributions"
3. Select “Roth IRA”
4. Answer “No” to “Is This a Repayment of a Retirement Distribution
5. Enter the Roth contribution amount 

Please be aware, it is always good to keep track of your Roth basis outside of TurboTax as well.

@Stickman4 

[Stickman4]

Thanks!

[LAP5771]

I am going to withdraw some 2006 Roth IRA contributions in 2023.  I am over 59 1/2, but have been doing some Roth Conversions lately, so I have to be careful about the five year rule since doing a conversion opens up the potential for being taxed AGAIN as ordinary income.   I am afraid Turbotax will not allow me to input the contribution basis for this and all other contributions (It was $4,500 the 2006 year including $500 catch up).  Are you saying that I will have an opportunity to input all of my Roth contribution history during that Roth interview section, so that Turbotax will then fill out the Form 8606, which should result in my not being erroneously taxed??  Just thinking ahead a little.  I think there is a table in Turbotax that will allow you to input all contributions on a historical basis.  Any help you could give would be appreciated!

[dmertz]

@LAP5771:

"I am over 59 1/2, but have been doing some Roth Conversions lately, so I have to be careful about the five year rule since doing a conversion opens up the potential for being taxed AGAIN as ordinary income."

Incorrect.  Because your first contribution to a Roth IRA was for some year prior to 2019 and you are over age 59½, any distribution you receive from any of your Roth IRA accounts is a qualified  distribution, free of tax and penalty.  The 5-year rule for conversions no longer applies after age 59½.

"I am afraid Turbotax will not allow me to input the contribution basis for this and all other contributions"

Why are you afraid?  TurboTax allows this, but it's probably not even necessary because your distribution would be a qualified distribution.

"Turbotax will then fill out the Form 8606"

No, TurboTax will not prepare Form 8606 Part III.  Because your distribution would be a qualified distribution, it's not reportable on Form 8606.  By telling 2023 TurboTax that your first Roth IRA contribution was made for some year prior to 2019, TurboTax will treat the distribution as a qualified distribution even if the Form 1099-R has code T instead of code Q.

[HopeS]

In addition to dmertz comments, if you've had your Roth IRA for less than five years: Your earnings will be subject to taxes at your normal tax rate, but you will not be subject to the 10% penalty. If you've had your Roth IRA for more than five years: You can withdraw your Roth IRA earnings with no taxes or penalties. Please enter the information exactly as shown on Form 1099R.  Since the distribution is from a Roth IRA the distribution code should be " B"

Please follow these instructions to enter your Form 1099-R :

1. Login to your TurboTax Account 
2. Click "Federal" from the left side of your screen
3. Click "Wages & Income" on the top
4. Scroll down and click "Start or Edit/Add" next to "IRA, 401(k), Pension Plan Withdrawals (1099-R)" 
5. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
6. Click "I'll Type it Myself"
7. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
8. Click "Continue" and enter your 1099-R
9. Continue through the questions 

Please be aware that the whole distribution will show as income in TurboTax on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 4b (taxable amount).

To preview Form 1040:

1. Click on "Tax Tools" in the left menu
2. Click "Tools"
3. Click "View Tax Summary" in the Tool Center window
4. Click on "Preview my 1040" on the left

Please see the link below for additional information:

Roth Withdrawals

@LAP5771 

[dmertz]

@HopeS , LAP5771 indicated that a Roth IRA contribution was made in 2006, many more than 5 years ago.

[desibhai]

So my situation is this.

1) I did not contribute to 2022 Roth by 4/18/23 when my filed for taxes. 

2) Can. contribute now(move the money into Roth Vanguard account) and report that on my return? Or can I NOT make the contribution post 4/18/23? I do not see any option in Turbo tax(TT) where it asks did you make a contribution after 4/18/23?

I do not wish to lose the opportunity to contribute to Roth for 2022. I made a miscalculation to not contribute this before filing 2022 tax. My AGI (filing married jointly) is under 170k and I'm over 50. So between me and my wife, I could contribute(6.5+7.5k) 15k for 2022. Is it too late now?

Also, I will likely make over 214K in 2023 so won't be able to contribute to Roth in 2023 and I don't wish to lose opportunity to contribute towards Roth in 2022.

Any guidance is appreciated on how to still contribute Roth for 2022.

Thanks in advance!

[dmertz]

The deadline to contribute to a Roth IRA for 2022 was April 18, 2023.  It's too late to make that contribution now.