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New Member
posted Jun 5, 2019 4:33:15 PM

I have a Roth TSP. Do I need that statement in order to file my taxes?

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1 Replies
Intuit Alumni
Jun 5, 2019 4:33:16 PM

No. You do not need to include contributions to a Roth TSP in your return because there is no deduction benefit for contributing to Roth IRA. 

While Roth contributions are not reported on your tax return, it is a good idea to enter them the in the IRA contribution section anyway because TurboTax will:

  • track the basis of your contributions for you year-to-year. [This becomes important when you start making withdrawals--to track how much of the distribution is taxable.]
  • alert you if your MAGI exceeds the Roth contribution limit and are subject to a penalty.
  • alert you if you have insufficient earned compensation to contribute.