Roth Ira contributions for 2020

[trepdog]

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?

[macuser_22]

Roth IRA contributions are not reported on a tax return.

[trepdog]

Thanks that's what I thought when doing the research before getting a Roth but in the deduction's section it says below:

IRA contributions can lower your taxes if:

• You make a deductible traditional IRA contribution. Ex: If you’re in the 22% tax bracket and contribute $1,000 to a traditional IRA, your taxes will be cut by up to $220, even if you don’t itemize. 
• You’re eligible for the Saver’s Credit. The tax benefits of this are even greater. Your $2,000 contribution to a Roth or traditional IRA will lower your tax bill by up to $1,000 each year. 

[macuser_22 · Accepted solution]

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.

[trepdog]

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. 

[AnnetteB6]

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?

@trepdog