Where do I put in a roth IRA contribution

Forum|Forum|4 years ago
May 12, 2022
3 replies
27 views

I contributed to a roth IRA. My financial advisor says there is not a form. Where do I put in my contribution?

TurboTax Deluxe Online

DoninGA

Level 15

To enter a IRA contribution -

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Scroll down to Retirement and Investments
On Traditional and Roth IRA Contributions, click the start or update button

Or enter ira contributions in the Search box located in the upper right of the program screen. Click on Jump to ira contributions

VolvoGirl

Level 15

You can enter it into Turbo Tax but that's just to confirm you are eligible to make the contribution. It won't show up on your tax return and a ROTH is not deductible.

Enter IRA contributions under

Federal On left

Deductions and Credits

Then scroll down to Retirement and Investments

Traditional and ROTH IRA Contributions - Click the Start or Update button

Opus 17

Level 15

A Roth IRA contribution is normally not part of your tax return. There are 3 reasons you would enter a Roth IRA contribution into Turbotax.

1. If you ineligible for some reason, Turbotax will warn you, and calculate a penalty if you owe one.

2. If you are low income, you might qualify for a retirement saver's credit.

3. Turbotax will help you keep track of contributions, which might affect the taxation of withdrawals you make, if you make withdrawals before age 59-1/2.