IRA Info Worksheet

[BTRR]

Two questions:

1. Must the IRA Info Worksheet be filled out, or can I complete my tax return without filling it out?
2. Does the IRA Info Worksheet change/feed/populate anything on my return, or is it simply a record-keeping vehicle?

Please advise.  Many thanks!

[slowreader]

Well, I didn't fill it out, and when I look at it, I see that the only item on is a dollar figure for my ROTH IRA. So I reckon it's just a record-keeping item. 

I do have a Traditional IRA as well, and I am required to take 10% annually since I'm an old guy, but there's nothing on that form relating to the RMD, which is reported on a 1099-R from the brokerage house.

Good luck!

[JohnB5677]

The IRA Information Worksheet is  for record-keeping . 

• There will be no change to your return if you don't fill it out.
• It is intended to track your non-deductible contributions. 
• It isn't required in your tax return.
• However, it's crucial for avoiding double taxation on future withdrawals. 

[katinfoco]

ttax only allows me to enter spouse $$, not taxpayer.  

have gone thru the prompts many, many times, still just asks for spouse.  I realize it is for record keeping but would like to get this correct.  

[DaveF1006]

Yes, it must be completed in your return. turboTax  use this worksheet as a mandatory diagnostic tool. If it is skipped, TurboTax will: 

1. Flags critical errors during the final review.
2. Prevent you from e-filing.
3. Fail to calculate whether your contributions are actually deductible.

You ask does it populate anything on the return. The answer is yes.  This worksheet drives some of the most important lines on your tax return. It does more than just keep records. It powers key calculations behind the scenes.

1. Schedule 1: It determines the IRA Deduction amount that lowers your taxable income. 
2. Form 8606: If you made non-deductible contributions or a "Backdoor Roth" conversion, the worksheet calculates the taxable vs. non-taxable portions.
3. Form 8880 (Saver’s Credit): It identifies if your contributions qualify you for a tax credit based on your income level.
4. Penalty Calculations: It helps determine if you've over-contributed (which triggers a 6% excise tax) or if an early withdrawal penalty applies.
5. The worksheet is like the “Work” section in a math problem. You might know the answer at the end, but the IRS (and your software) needs to see each step in the worksheet to trust your results.

@BTRR 

[DaveF1006]

 TurboTax only generates the screens for the people you tell it to. If it's skipping you, the "Taxpayer" box is likely unchecked.

1. Go to Deductions & Credits.

2. Scroll down to Retirement and Investments and click Revisit/Start next to Traditional and Roth IRA Contributions.

3. You will see a screen titled: "Tell us about your IRAs" or "Select the kinds of IRAs owned or contributed to."

4. Crucial: Look at the list. There are usually two columns (one for you, one for your spouse). Make sure the box for Traditional IRA (or Roth, if applicable) is checked in your column (the Taxpayer column).

5. Click Continue. The software should now run the interview twice—once for you, and then once for your spouse.

@katinfoco 

[katinfoco]

ttax found no errors even with the missing info.  Looked at 2024 return, same missing info...no problems filing electronically.  

fix the "master checkboxes"  worked.  The menus that popped up did not appear previously when entering data.  We import data from our financial institution so maybe that was part of the issue. 

just an fyi, we talked to a rep about this on the phone before posting this Q, she had no idea what we were talking about.