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Roth IRA contribution

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?

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3 Replies

Roth IRA contribution

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

 

 

Roth IRA contribution

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?  

 

Roth IRA contribution

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. 

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