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larry-sbk
New Member

we just noticed that for 2023, my wife's roth IRA contribution was not recorded. what should we do, if anything?

 
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2 Replies

we just noticed that for 2023, my wife's roth IRA contribution was not recorded. what should we do, if anything?

You don’t have to amend your return but it’s a good idea to keep track of your contribution amounts. 

Hal_Al
Level 15

we just noticed that for 2023, my wife's roth IRA contribution was not recorded. what should we do, if anything?

Usually,  a Roth IRA contribution does not affect your tax return. This is because a  Roth contribution is not deductible.  So, you probably do not need to amend your 2023 return. 

 

But, if your income is low enough, a Roth contribution may qualify you for the Retirement Contributions saver's credit.  TurboTax (TT) would have checked this automatically when it saw that you made a Roth contribution.

See form 8880 for the income limits for claiming the credit. Most people don't qualify. 

https://www.irs.gov/pub/irs-pdf/f8880.pdf

 

You should keep track of your Roth contributions.  This info may be needed in the future.  TT will do that for you, when you enter you contributions.  If you forget one, you can make a manual adjustment to the tracked contribution total, when you do your tax preparation the following year.

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