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lindawest1
New Member

My 2017 tax return has been filed and accepted by the IRS; if I make a Roth IRA contribution for 2017, the max amount allowed, do I have to amend my return?

I e-filed my 2017 return through Turbotax and the IRS accepted it.  I forgot that I planned to make a 2017 contribution to my Roth IRA.  The contribution will be for the maximum amount allowed and will be made from 2017 earned income.  The contribution will not affect any of the calculations on my tax return, as I will not receive any deduction or credit for the contribution.  I cannot see why I would need to amend the return if nothing changes.  Can you help?

Thank you.

1 Best answer

Accepted Solutions
maglib
Level 10

My 2017 tax return has been filed and accepted by the IRS; if I make a Roth IRA contribution for 2017, the max amount allowed, do I have to amend my return?

Contributions to a Roth IRA aren't deductible (and you don't report the contributionson your tax return), but qualified distributions or distributions that are a return ofcontributions aren't subject to tax. In addition, you don't have to be under age 70½ to contribute to a Roth IRA.  https://www.irs.gov/taxtopics/tc451

so therefore no you do not need to amend.

TT holds this information history for you though so you can track your basis in the IRA.

I hope this was helpful?

**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
maglib
Level 10

My 2017 tax return has been filed and accepted by the IRS; if I make a Roth IRA contribution for 2017, the max amount allowed, do I have to amend my return?

Contributions to a Roth IRA aren't deductible (and you don't report the contributionson your tax return), but qualified distributions or distributions that are a return ofcontributions aren't subject to tax. In addition, you don't have to be under age 70½ to contribute to a Roth IRA.  https://www.irs.gov/taxtopics/tc451

so therefore no you do not need to amend.

TT holds this information history for you though so you can track your basis in the IRA.

I hope this was helpful?

**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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