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Where do I enter my traditional or Roth IRA contributions?

SOLVEDby TurboTax3099Updated April 03, 2024

Traditional and Roth IRA contributions are reported on Form 5498, IRA Contributions Information. Your IRA trustee or issuer—not you—is required to file this form with the IRS, usually by May 31. You won't find this form in TurboTax, nor do you file it with your tax return.

To enter your 2023 IRA contributions (money you put into your traditional or Roth IRA):

  1. Sign in to your TurboTax account.
  2. Open or continue to your return.
  3. In the search bar, type ira contributions and select the Jump to link in the search results.
  4. We'll take you to the Traditional IRA and Roth IRA screen, where you can start the IRA interview.

Do I need to report my Roth IRA contributions?

You have to report your traditional IRA contributions on your tax return in order to claim a tax deduction, and you should enter your Roth IRA contributions into TurboTax, because:

  • You might qualify for the Saver’s Credit.
  • This will record your Roth IRA basis, which can be useful for future tax calculations.
  • Your traditional IRA contributions may be tax-deductible (the deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels).
  • Excess contributions to a Roth or traditional IRA might result in a tax penalty.

If you need to enter a 2023 IRA distribution (money you took out of your IRA), or a conversion, rollover, or recharacterization, this is reported on a Form 1099-R. You should get this form from your IRA custodian by mid-February. Once you have your 1099-R, enter it in TurboTax.

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