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tgibson7272-gmai
New Member

I made a 2020 Roth contribution in 2021 after I filed my taxes for 2020. I received a 5498 in July. Do I need to amend my 2020 taxes to report this?

This was a brand new Roth IRA that I opened in May 2021.
2 Replies
macuser_22
Level 15

I made a 2020 Roth contribution in 2021 after I filed my taxes for 2020. I received a 5498 in July. Do I need to amend my 2020 taxes to report this?

No.   The 5498 is information only and does  not go on a tax return.    Roth contributions are not reportable on a tax return.

 

 

**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.**
Critter-3
Level 15

I made a 2020 Roth contribution in 2021 after I filed my taxes for 2020. I received a 5498 in July. Do I need to amend my 2020 taxes to report this?

As long as you opened the account by 5/17 then there is nothing you need to do  UNLESS the contribution makes you eligible for the "Saver's Credit" form 8880.    https://www.irs.gov/pub/irs-pdf/f8880.pdf

 

 

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