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New Member
posted Feb 25, 2021 11:15:30 AM

Where do I enter my planned Roth IRA contribution?

I am expecting an inheritance in the next few weeks. I would like to put $7000 (over 60) into my Roth IRA. Don't I need to enter this somewhere on my 2020 return?

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3 Replies
Level 15
Feb 25, 2021 11:28:49 AM

No. You will record it when you do your 2021 tax return in early 2022.

But note that you can only make a Roth contribution if you have earned income. While the cash for it can come from the inheritance, the amount you can contribute is based on 2021 earned income from working.  Also see:

Amount of Roth IRA Contributions That You Can Make For 2021 | Internal Revenue Service (irs.gov)

New Member
Feb 28, 2021 5:56:59 AM

According to the IRS website I have until April 15th. I just need to know how to report it.

"Your tax return filing deadline (not including extensions). For example, you can make 2020 IRA contributions until April 15, 2021."

Expert Alumni
Mar 1, 2021 3:40:57 PM

You can report the contribution on your 2020 tax return as long as you do it by the due date of the return, by using these menu tabs in TurboTax:

  1. Deductions and credits
  2. Retirements plans and Investments
  3. Traditional and Roth IRA Contributions