turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Oct 16 is the IRS deadline–file confidently with expert help. File Now
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I forgot to include my 2022 Roth IRA contribution on my 2022 taxes. Do I need to amend my return to include this?

I tried to amend this on my tax form already, and it showed a federal tax refund of ~$600 and that I owed ~$160 for my state. Why did this change?
3 Replies

I forgot to include my 2022 Roth IRA contribution on my 2022 taxes. Do I need to amend my return to include this?

Generally, a Roth IRA contribution is not required to be reported in Turbotax.  It does not create a tax deduction or change your tax or refund.  There are two reasons to report a Roth IRA contribution.

1. if your income is too high to make a Roth IRA contribution, Turbotax will warn you so you can take steps to avoid a penalty.

2. Turbotax can keep track of your contributions which may be helpful if you want to withdraw funds before age 59-1/2.  But this is not required as long as you keep your own reliable records, and only helps you if you use TurboTax every year.  You can add the information next year if you use Turbotax again. 

[Edited to add]

3. If your income is less than the thresholds given here, you might qualify for a retirement savers credit.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-save...

 

 

 

The contribution limits for Roth IRAs depend on your income, filing status and other tax situations, see here.

https://www.irs.gov/retirement-plans/roth-iras

 

 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
dmertz
Level 15

I forgot to include my 2022 Roth IRA contribution on my 2022 taxes. Do I need to amend my return to include this?

If the Roth IRA contribution qualified you for a Retirement Savings Contributions Credit, that would explain the federal refund calculated on your amendment.  Check for a Form 8880 being included in your amendment.

 

However, reporting the contribution shouldn't change your state tax liability, so it seems that you could have made a mistake on the state amendment, perhaps not indicating a balance due that you paid.

I forgot to include my 2022 Roth IRA contribution on my 2022 taxes. Do I need to amend my return to include this?


@dmertz wrote:

If the Roth IRA contribution qualified you for a Retirement Savings Contributions Credit, that would explain the federal refund calculated on your amendment.  Check for a Form 8880 being included in your amendment.

 

However, reporting the contribution shouldn't change your state tax liability, so it seems that you could have made a mistake on the state amendment, perhaps not indicating a balance due that you paid.


2 extra comments.

 

The retirement savers credit can pay you up to 50% of the amount you save for retirement, depending on your income.  The rules are here.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-save...

 

Also, make sure you are NOT entering a workplace retirement plan as if it was an IRA.  Qualified workplace plans (401k, 403b, etc.) are only reported on your W-2.  An IRA is an individual account that you set up with your own bank or broker.  If you report a workplace plan in the place for IRAs, that's wrong, and can sometimes cause other errors.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v