Author Topic: Roth IRA / taxes  (Read 1254 times)

ABC123

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Roth IRA / taxes
« on: February 06, 2017, 01:43:33 PM »
I just opened up a Roth IRA for the first time.  I put in money for 2016, hoping to be able to contribute for 2017 later in the year.  I am now trying to do my taxes.  I use H & R Block online.  Do I need to put a Roth IRA contribution anywhere on my taxes?  The tax program did not have anywhere to include it - there were places for a Roth IRA within a 401K, 403B, etc. but nowhere that I could see for it outside one of those.  Maybe I am just missing it.  And if I do need to put it on my taxes, would it be my 2016 taxes since it is for that contribution year, or would I put it on my 2017 taxes since it was actually put in this year?

dandarc

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Re: Roth IRA / taxes
« Reply #1 on: February 06, 2017, 01:47:26 PM »
You don't have to report Roth IRA contributions on your 1040.

dandarc

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Re: Roth IRA / taxes
« Reply #2 on: February 06, 2017, 01:49:10 PM »
You should track your Roth contributions though, because regular contributions to a Roth IRA can be withdrawn any time tax and penalty free, but you'll need to have tracked that to know the amounts if / when it comes up.

https://www.irahelp.com/slottreport/roth-ira-contributions-dont-report-tax-return-do-keep-track

ABC123

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Re: Roth IRA / taxes
« Reply #3 on: February 06, 2017, 01:57:38 PM »
That was an extremely helpful article.  Thanks!  Someone else had told me that I had to report it on my taxes, so I was really confused when I couldn't find anywhere to actually put it.  I knew this would be the right place to ask.