ROTH IRA contributions

Forum|Forum|3 years ago
April 14, 2023
2 replies
38 views

It seems to me that in the past I could record in TurboTax the ROTH IRA contribution I was making for the year. This year I can't find anywhere to do that, only a place to enter tradition IRA contributions. Do I have a false memory thing going on? Did TurboTax ever track ROTH IRAs? I know it won't influence my taxes, but I am just wondering.

Best answer by DanaB27

Yes, you can track have TurboTax track your Roth basis for you (but it is always a good idea to track it outside of TurboTax as well).

Open your return
Click “Deductions &Credits” on the top
Click "I'll choose what to work on"
Scroll down to “Traditional and Roth IRA Contributions” and click “Start”
Select “Roth IRA”
Enter your Roth IRA contribution for 2022
On the "Did You Open a Roth IRA Before 2021?" answer "Yes"
On the "Let Us Track Your Roth IRA Basis" screen answer "Yes"
TurboTax will ask you follow-up questions in regard to net contributions and conversions.

You can see your Roth basis on the "IRA Information Worksheet" (Part II).

DanaB27Answer

Level 15

Yes, you can track have TurboTax track your Roth basis for you (but it is always a good idea to track it outside of TurboTax as well).

Open your return
Click “Deductions &Credits” on the top
Click "I'll choose what to work on"
Scroll down to “Traditional and Roth IRA Contributions” and click “Start”
Select “Roth IRA”
Enter your Roth IRA contribution for 2022
On the "Did You Open a Roth IRA Before 2021?" answer "Yes"
On the "Let Us Track Your Roth IRA Basis" screen answer "Yes"
TurboTax will ask you follow-up questions in regard to net contributions and conversions.