topic Re: ROTH IRA in Retirement tax questions

ROTH IRA

vze56v6x — Sun, 23 Feb 2025 21:35:50 GMT

i opened a ROTH IRA on 12/24/24 and made a $2400 contribution.

Does this count for the 2024 tax year or 2025?

The brokerage house did not provide any tax forms for 2024 so I am a bit curious.

Re: ROTH IRA

DanaB27 — Sun, 23 Feb 2025 21:42:47 GMT

This will count as a Roth IRA contribution for 2024. You can always check your end-of the year statement.

To enter the Roth IRA contribution:

Login to your TurboTax Account
Click on "Search" on the top right and type “IRA contributions”
Click on “Jump to IRA contributions"
Select “Roth IRA”

Re: ROTH IRA

vze56v6x — Mon, 24 Feb 2025 02:49:32 GMT

So because i made th contribution on Dec 24 i didn't receive a year end statement. The first statement was Jan 2025.

so do i just enter the amount I contributed on 12/24??

also is this contribution taxable? I noticed when i entered the amount into turbo tax it increased the amount of taxes i owed.

Re: ROTH IRA

DanaB27 — Mon, 24 Feb 2025 12:07:47 GMT

Yes, since you made the contribution in December 2024 it will count as a contribution for 2024. Yes, you enter the contribution in the Roth IRA interview.

Did you get a warning that you made an excess contribution at the end of the interview? You had earned income to make the Roth IRA contribution?

For 2024, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

$7,000 ($8,000 if you're age 50 or older), or
If less, your taxable compensation for the year

See IRS Retirement topics - IRA contribution limits for more details

You cannot deduct Roth IRA contributions, they will not lower your taxable income.