Roth IRA contribution 2023

[Sam Khan]

I already submitted my tax return and got the money back from the IRS. I did not add any amount for traditional and Roth IRA in my tax return because I was not getting any tax break. Can I still contribute the money to my Roth IRA for 2023 or I can contribute only for 2024? I believe the limit is $7500 for 2023 and $8000 for 2024 if you are over 50 and filing as married. Is that right?

[Sam Khan]

Any updates from the Turbo team? 

[AnnetteB6]

Since it is not generally reported as part of your tax return, you may still be able to contribute to a Roth IRA for 2023.  

However, you must be sure that you are eligible to do so.  There is both a contribution limit based on your age (up to $7500 for over 50 for 2023), and an income limit to be aware of in order to determine whether you can contribute.

The best practice is to enter the expected contribution into TurboTax as part of your return so that the program can apply the limits and let you know whether you are eligible to make the contribution.  You could do this through creating an amended return since you have already filed.  You may even qualify for a Saver's Credit based on the contribution, which would be a reason to file the amended return.

If you prefer to try to apply the limits yourself, take a look at the following information from the IRS and the TurboTax help article:

Amount of Roth IRA Contributions That You Can Make For 2023
 

Where do I enter my traditional or Roth IRA contributions?
 

@Sam Khan 

[Sam Khan]

Thank you for the reply. My AIG is less than $218K so looks like I can contribute $7500 since I filed the tax return as married & I am over 50 years. What is Saver's Credit based on the contribution? Do I need to submit the amended return, or I can just go ahead and contribute the money to my Roth IRA account? 

[AmyC]

You are married filing joint, so an income below $73,000 would be required to qualify for the Saver's Credit. If you already made contributions to a retirement plan, there may not be additional benefit. See Saver's Credit for full details regarding your situation.