So I'm kinda new to investing, I opened my first Roth IRA in June 2020. The confusion is that I filed my taxes early in March 2020. Then I found out after that the taxes and contribution due date were extended to July. So in June, I contributed $3,081 for 2019 but I already filed my taxes so I'm not sure if I'm supposed to include it on my 2020 return or if I messed up and have to amend my 2019 returns?
Only Traditional IRA contributions are deductible - Roth is not.
A Roth IRA contribution does not actually go on a tax return, but you can 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.
Roth IRA contributions are not reported on a tax return.
Thanks that's what I thought when doing the research before getting a Roth but in the deduction's section it says below:
Only Traditional IRA contributions are deductible - Roth is not.
A Roth IRA contribution does not actually go on a tax return, but you can 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.
Thanks, that answers that question. The only other thing I'm stuck on is that I made a purchase for $25 worth of bitcoin then sold it so do I need to report that or not worry about it as it's not much. If so what section do I report it. I'm seeing mixed answers online.
Yes, you do need to report the cryptocurrency transaction of selling your Bitcoin.
See the following TurboTax article for some guidance about where to enter the details of your transaction:
How do I report Bitcoin or other cryptocurrency as a capital gain?