TT Roth Contribution [TurboTax]

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Mitchell777
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Joined: Mon May 21, 2007 6:32 am

TT Roth Contribution [TurboTax]

Post by Mitchell777 » Tue Mar 13, 2018 4:20 pm

I am making a 2017 ROTH contribution of $6500. It's been years since I've been able to make a ROTH contribution and it will be my last due to retirement. I do not see the $6500 noted anywhere on the Turbo Tax printed documents. I know it does not impact my taxes but I thought the amount would be noted somewhere on the tax documents. Has anyone done this? Thanks in advance.

Silk McCue
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Joined: Thu Feb 25, 2016 7:11 pm

Re: TT ROTH Contribution

Post by Silk McCue » Tue Mar 13, 2018 4:28 pm

Roth Contributions don’t appear on tax forms. Congrats on the retirement.

https://ttlc.intuit.com/questions/35195 ... y-roth-ira

Mitchell777
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Re: TT ROTH Contribution

Post by Mitchell777 » Tue Mar 13, 2018 5:59 pm

Thank you Silk. Not sure why I could not find that using the search parameters. Could be that I'm about twenty hours into the tax process and ready to jump off the roof.

Ace1
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Location: Twinsburg Ohio

Re: TT ROTH Contribution

Post by Ace1 » Tue Mar 13, 2018 6:24 pm

Mitchell,
Silk is correct and the Roth contributions are not usually shown on a tax form, however as his link points out,
there are reasons you can/ should enter the roth data into the tax software.
In Turbotax, there is both an IRA contributions worksheet and an IRA info worksheet that are used
for keeping track of your IRA data, both contributions and conversions.
You can check them out using the forms menu.
Ace

deikel
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Re: TT ROTH Contribution

Post by deikel » Tue Mar 13, 2018 6:31 pm

When you print out in TurboTax you have the option to decide what level of print out you want (tax relevant only, as files, all documents) - if I recall correct than the latter will print out a tax 2017 Roth IRA contribution level - as you entered into the tax program to begin with. But this is just for your folder

Wherever you actually deposit the Roth money will also keep track of your contribution (e.g. Fido will keep records on their website or you can print and keep for you folder) - these are a bit more important IMO.

BTW, even 'retired' you can still contribute to a Roth IRA. Te Roth IRA is bound to taxes and since you will file taxes for the rest of your lilfe you can also contribute...just in case ...
Everything you read in this post is my personal opinion. If you disagree with this disclaimer, please un-read the text immediately and destroy any copy or remembrance of it.

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AAA
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Re: TT ROTH Contribution

Post by AAA » Tue Mar 13, 2018 6:49 pm

deikel wrote:
Tue Mar 13, 2018 6:31 pm
BTW, even 'retired' you can still contribute to a Roth IRA. Te Roth IRA is bound to taxes and since you will file taxes for the rest of your lilfe you can also contribute...just in case ...
Can you elaborate? One must have earned income in order to contribute to a Roth IRA.

Alan S.
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Re: TT ROTH Contribution

Post by Alan S. » Tue Mar 13, 2018 6:52 pm

You must have earned income to make a regular Roth contribution, or your spouse must have earned income.

You don't need earned income to convert a TIRA to a Roth IRA though.

deikel
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Re: TT ROTH Contribution

Post by deikel » Tue Mar 13, 2018 6:56 pm

AAA wrote:
Tue Mar 13, 2018 6:49 pm
deikel wrote:
Tue Mar 13, 2018 6:31 pm
BTW, even 'retired' you can still contribute to a Roth IRA. Te Roth IRA is bound to taxes and since you will file taxes for the rest of your lilfe you can also contribute...just in case ...
Can you elaborate? One must have earned income in order to contribute to a Roth IRA.
Oh, yes, I guess my mind was stuck in early retirement. You need earned income to make/claim IRA contributions, earned income from wages, self-employment and such, not SS and investments.

Not sure why I thought OP was FIRE, the post does not suggest that....self-employment with some income at the side is a good way to go...
Everything you read in this post is my personal opinion. If you disagree with this disclaimer, please un-read the text immediately and destroy any copy or remembrance of it.

Mitchell777
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Joined: Mon May 21, 2007 6:32 am

Re: TT ROTH Contribution

Post by Mitchell777 » Tue Mar 13, 2018 7:47 pm

deikel wrote:
Tue Mar 13, 2018 6:31 pm
When you print out in TurboTax you have the option to decide what level of print out you want (tax relevant only, as files, all documents) - if I recall correct than the latter will print out a tax 2017 Roth IRA contribution level - as you entered into the tax program to begin with. But this is just for your folder

Wherever you actually deposit the Roth money will also keep track of your contribution (e.g. Fido will keep records on their website or you can print and keep for you folder) - these are a bit more important IMO.

BTW, even 'retired' you can still contribute to a Roth IRA. Te Roth IRA is bound to taxes and since you will file taxes for the rest of your lilfe you can also contribute...just in case ...
This is what I was thinking earlier today but when I go to the "View or Print Forms" page under the "File" section, I do not see the options to print all documents or only tax relavent documents. I know I saw that choice in TT in years past because I always printed everything but do not see it now. In past years it printed the IRA worksheet but I do not see it this years even though I keyed the $6500 contribution in the IRA section.

Silk McCue
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Joined: Thu Feb 25, 2016 7:11 pm

Re: TT Roth Contribution [TurboTax]

Post by Silk McCue » Tue Mar 13, 2018 8:03 pm

I haven't done this years taxes but just opened up last years TT. If I View -> Forms I find "IRA Contrib Wks" and "IRA Info Wks".

Mitchell777
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Joined: Mon May 21, 2007 6:32 am

Re: TT Roth Contribution [TurboTax]

Post by Mitchell777 » Tue Mar 13, 2018 8:27 pm

Silk McCue wrote:
Tue Mar 13, 2018 8:03 pm
I haven't done this years taxes but just opened up last years TT. If I View -> Forms I find "IRA Contrib Wks" and "IRA Info Wks".
Thanks again. I see it now. I was going in under "File". It's been a longgg day.

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