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stucat
New Member

I have increased my and my wife's Roth IRA from a filed $2000 each to $6500 each. We did not exceed the income minimum. Do I need to file an amended return?

 
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macuser_22
Level 15

I have increased my and my wife's Roth IRA from a filed $2000 each to $6500 each. We did not exceed the income minimum. Do I need to file an amended return?

Probably not since nothing about a Roth contribution goes on a tax return unless there is an excess contribution penalty or a savers credit.

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.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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macuser_22
Level 15

I have increased my and my wife's Roth IRA from a filed $2000 each to $6500 each. We did not exceed the income minimum. Do I need to file an amended return?

Probably not since nothing about a Roth contribution goes on a tax return unless there is an excess contribution penalty or a savers credit.

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.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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