What if I don't report that I have an Roth IRA on Turbotax?

It says I have to pay for the Turbotax Deluxe Edition because of the retirement savings contribution credit 

2 Answers

  • Judy
    Lv 7
    1 month ago
    Favorite Answer

    You wouldn't get th credit.  That is likely more than the extra you'd pay for the other TT version.

  • 1 month ago

    I never record roth data.  It is no different than saying what you put money in a cash brokerage account that year.  It is your money.  You already paid taxes on it.  Just like if you inherited money that will not be taxed, the government may or may not know about it.  But if you will not owe any taxes on it they will still approve your taxes because it wouldn't affect taxes due. 

    After reading another answer, I see there is something called a "Savers Tax Credit."  I normally wouldn't qualify so I never looked into it before.  Check it out.

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