Roth IRA

[dchung70]

Hello,

I filed 2020 using Mac desktop version turbotax app back in March 2020.  Just recently I opened Roth IRA account with TD Ameritrade and contributed $6000 for 2020.  Please guide me how I could file this on my Mac app.

Thank you.

[macuser_22 · Accepted solution]

Enter 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 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.