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krohnharrin
New Member

I filed my 2020 taxes, do I need to amend them if I make a Roth contribution for 2020?

 
1 Best answer

Accepted Solutions
ColeenD3
Expert Alumni

I filed my 2020 taxes, do I need to amend them if I make a Roth contribution for 2020?

Please see this answer from macuser.

 

To answer your question - No need to amend- a Roth contribution does not go on your tax return.  If your income is low enough to qualify for the savers credit, you might want to amend to claim it.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
ColeenD3
Expert Alumni

I filed my 2020 taxes, do I need to amend them if I make a Roth contribution for 2020?

Please see this answer from macuser.

 

To answer your question - No need to amend- a Roth contribution does not go on your tax return.  If your income is low enough to qualify for the savers credit, you might want to amend to claim it.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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