topic Re: Roth IRA contribution in Get your taxes done using TurboTax

Roth IRA contribution

TaxLearner — Wed, 20 Feb 2019 02:52:44 GMT

I contributed to Roth IRA. What form should you use to report Roth IRA in tax return? How does the IRS keep track of your basis?

Re: Roth IRA contribution

NCperson — Wed, 20 Feb 2019 02:51:37 GMT

what actions did you take this year?

did you contribute?

did you withdraw?

if you didn't do either, not sure what you are anticipating to report

Re: Roth IRA contribution

ez-come-ez-go — Tue, 09 Apr 2019 16:39:56 GMT

I had sort of the same question too. I thought there are no tax benefits for Roth IRA contributions either, so I was surprised that turbo tax asked me to enter Roth IRA contributions. I work for the fed gov and contributed to both the TSP (401k) and TSP (Roth) options in 2018. I also have a Roth IRA with Ed Jones I contributed to separately in 2018. So I entered the W2 box 12 info into turbotax initially which includes info about my contributions to each TSP program. When I got to the Roth IRA contributions section (deductions and credits section) in Turbotax later, I entered the amount of money I put into the separate Ed Jones Roth IRA account. To my surprise, the Federal Tax due WENT UP! How is this? I am using money that has already been taxed to contribute. Can someone please explain what's going on?

Re: Roth IRA contribution

ez-come-ez-go — Tue, 09 Apr 2019 17:50:18 GMT

ok, nevermind, i figured out why i was showing an increase. forgot that part of the amount i entered for 2018 was actually for 2017 and TT put in the 6% penalty.