Amending a return for adding a Roth IRA for 2020

James_OH — Wed, 14 Apr 2021 23:15:29 GMT

i filed my taxes already and got my refund, but even since my divorce I was meaning to startup a Roth IRA to help with my retirement plans since my 401K took a 50% hit due to giving away half. I'm over 50 so wanted to use that max of 7000.

anyway... I forgot to do it again but filed already. I heard that I can still contribute as if it was 2020 until May 17 2021... but when I go in to file an amended return it tells me nothing is different even though I've entered the amounts.
I seem to see mention that it's not required to even enter it on your taxes

https://ttlc.intuit.com/community/retirement/discussion/if-i-already-filed-my-taxes-and-want-to-make-a-roth-ira-contribution-for-2017-do-i-need-to-amend-my/01/585922#M54976

but I would want to have it recorded somewhere that I've done this in 2020 and been told to have a tax professional do it.
In particular as i plan to use it in investing so that it is properly tracked and at least make it print somewhere as doing the amended return does not show the value.

-James

Re: Amending a return for adding a Roth IRA for 2020

macuser_22 — Wed, 14 Apr 2021 23:17:58 GMT

A Roth IRA contribution does not actually go on a tax return, but you can enter it anyway to:

1) Tell you if your income qualifies you for a contribution and warn you if it does not.
2) Check if your income exceeds the limit to contribute to a Roth.
3) Track your contribution year-to-year if you use TurboTax every year.
4) Add the Retirement Savers Credit if you qualify.

topic Amending a return for adding a Roth IRA for 2020 in After you file

Amending a return for adding a Roth IRA for 2020

Re: Amending a return for adding a Roth IRA for 2020