Reporting Roth IRA contributions

[ixtap]

Am I correct in thinking that I don't actually report Roth IRA contributions, the institution holding my IRA does?

Specifically, if we tell Turbo Tax that we are contributing the full $670 each allowed under our circumstances, but then don't actually make the contribution, it doesn't matter? We will not be making backdoor contributions due to existing tIRAs.

I haven't even filed yet. DH just made a comment about not bothering when I informed him that a correction I made yesterday meant we could contribute $20 less than I had previously calculated.

[MDM]

Am I correct in thinking that I don't actually report Roth IRA contributions, the institution holding my IRA does?

Correct.

Specifically, if we tell Turbo Tax that we are contributing the full $670 each allowed under our circumstances, but then don't actually make the contribution, it doesn't matter?

Not correct, if you expect TT to keep track of your Roth contributions so it knows whether a withdrawal is taxable or not.

[ixtap]

Am I correct in thinking that I don't actually report Roth IRA contributions, the institution holding my IRA does?

Correct.

Specifically, if we tell Turbo Tax that we are contributing the full $670 each allowed under our circumstances, but then don't actually make the contribution, it doesn't matter?

Not correct, if you expect TT to keep track of your Roth contributions so it knows whether a withdrawal is taxable or not.

I do not; I expect Fidelity to do that, as well as our own records.

[Retireatee1]

It's not required by the IRS but it is a good idea as far as documentation goes.  The reason is that if you need to deduct your contributions prior to your qualified distribution age, you'll have accurate records to work with.

I have a Fidelity Roth IRA and it doesn't appear like they are keeping this detailed cost basis information anywhere.

[seattlecyclone]

You may need to report a Roth contribution in the event that you are eligible for the saver's credit. Otherwise you'll just need to keep your own records of these contributions so that you can accurately report your basis years down the road when you eventually make a withdrawal.