Roth IRA for 2020

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@ChrisC3 wrote:

I have a sizeable amount that I can still contribute to my Roth for 2020.  I know I have up until I file my taxes to do so, but am not sure how to attribute it to 2020.  It looks like in Turbo Tax I just write it out as a simple number (what I have done already during the year plus what I do now).  

 

For when I make the purchase, is there something that needs to be called out so that it is not attributed to my 2021 Roth/tax information - or do I just jot it down in my records for 2021 tax filing.  It is with Vanguard but I haven't contacted them yet.

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You tell the IRA custodian that you want to to be a 2020 contribution, not a 2021.    Most financial institutions have a form for that you give you a receipt that shows the year.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

A Roth IRA contribution does not actually go on a tax return, but you should enter it anyway to:

1) Tell you if your income qualifies you for a contribution and warn you if it does not.
2) Check if your income exceeds the limit to contribute to a Roth.
3) Track your contribution year-to-year if you use TurboTax every year.
4) Add the Retirement Savers Credit if you qualify.