Change in Roth Contribution After Filing

[Mochina]

I am helping my son with his 2022 tax returns.  After he filed his returns recently, we determined that he can contribute more to his Roth (up to the $6,000 maximum) than he originated entered into Turbotax. Even though nothing about the Roth was included on his federal return, he is using Turbotax to keep track of his contributions through the years.  How do we change the 2022 Roth contribution amount in Turbotax now that he has already filed? 

[MayaD]

He can still fund a Roth IRA if he sends in his contribution before the official tax deadline.

Since he already filed his return, he needs to amend it to make any changes. He should wait until his return has been accepted. 

How do I amend my federal tax return for this year?

He should enter his Roth IRA contributions into TurboTax, because:

• He might qualify for the Saver’s Credit
• This will record his Roth IRA basis, which can be useful for future tax calculations:

To report Roth IRA contribution:

1. Sign into your TurboTax account
2. Open or continue to your return
3. In the search bar, type ira contributions and select the Jump to link in the search results
4. We'll take you to the Traditional IRA and Roth IRA screen, where you can start the IRA interview

[Mochina]

Our son doesn't qualify for saver's credit since he is deemed a full-time student. 

Can't he change his Roth contribution in Turbotax for the sake of recording his Roth IRA basis without amending his tax return since it is not affected? If yes, what is the process? 

[Opus 17]

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@Mochina wrote:

Our son doesn't qualify for saver's credit since he is deemed a full-time student. 

Can't he change his Roth contribution in Turbotax for the sake of recording his Roth IRA basis without amending his tax return since it is not affected? If yes, what is the process? 

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I think, with Turbotax Online, the only way to change the tax file is via the amending process.  In this case, Turbotax will tell him there is nothing to amend, and you don't need to actually file an amended return, but the updated information will still be in the system.  If you are using Turbotax on your own computer, you should be able to update the data file without amending.

Or, leave it alone, and update it next year when he files.  He will again be asked if he wants turbotax to track his contributions and he can provided updated contributions then. 

[Opus 17]

I would also note that your son should absolutely be keeping track of his Roth contributions on his own and not relying solely on Turbotax.  There are several situations that might cause him to lose access to his Turbotax electronic data, and who knows if Turbotax will even be around in 50 years.