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New Member
posted Feb 17, 2024 8:48:27 AM

Where do you list an IRA account on this form?

Is an IRA listed in the income section?

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2 Replies
Level 15
Feb 17, 2024 8:52:38 AM

You do not "list" an IRA.   If you took money out of an IRA, you will have a 1099R to enter for the distribution.    If you put money into an IRA you can enter the contribution.   If you simply "have" an IRA but have had no activity in it during the year, there is nothing for you to enter about it.  

 

Did you take money out?  Or put money into it?

Expert Alumni
Feb 17, 2024 9:10:36 AM

If you received a Form 1099-R follow the steps below to enter your retirement distribution from your IRA.

 

You'll have the option in TurboTax to import or upload your 1099-R or manually enter the information yourself.

Here's where to enter your 1099-R in TurboTax:

  1. Open or continue your return.
  2. In the Federal section, select Wages & Income.
  3. Scroll to locate Retirement Plans and Social Security.
  4. Select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R).

You can also find the 1099-R section using Search. Open your return, enter 1099r in the search bar, and select the Jump to 1099r link.

 

If you made an IRA contribution or a Roth IRA contribution, please follows the steps below.

Your IRA contributions are reported on Form 5498, IRA Contributions Information. Your IRA trustee or issuer—not you—is required to file this form with the IRS, usually by May 31. You won't find this form in TurboTax, nor do you file it with your tax return.

To enter your 2023 IRA contributions (money you put into your IRA):

  1. Sign in to your TurboTax account.
  2. Open or continue to your return.
  3. In the search bar, type ira contributions and select the Jump to link in the search results.
  4. We'll take you to the Traditional IRA and Roth IRA screen, where you can start the IRA interview.

Do I need to report my Roth IRA contributions?

You have to report your traditional IRA contributions on your tax return in order to claim a tax deduction, and you should enter your Roth IRA contributions into TurboTax, because:

  • You might qualify for the Saver’s Credit.
  • This will record your Roth IRA basis, which can be useful for future tax calculations.
  • Your traditional IRA contributions may be tax-deductible (the deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels).
  • Excess contributions to a Roth or traditional IRA might result in a tax penalty.

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