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Yes, if you took money out of the Roth (a distribution). That is reported on a 1099-R.
If you put money into the Roth then it would be reported on a 5498 that is usually sent in May but does not go on your tax return.
Enter Roth IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.
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.
Yes, if you took money out of the Roth (a distribution). That is reported on a 1099-R.
If you put money into the Roth then it would be reported on a 5498 that is usually sent in May but does not go on your tax return.
Enter Roth IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.
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.
so does this mean i don’t have to report it and can put 0 when it asks? i did not withdraw ive just contributed
That is correct. Once again, if you would have had a distribution from the Roth IRA, you would have received a 1099R for this amount and would indicate it as such.
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