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New Member
posted May 12, 2022 12:05:17 PM

Where do I put in a roth IRA contribution

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

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3 Replies
Level 15
May 12, 2022 12:08:06 PM

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

Level 15
May 12, 2022 12:08:48 PM

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

 

 

Level 15
May 12, 2022 12:20:41 PM

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.