01-18-2025, 03:05 AM
Mike Sellers wrote:
[quote=graylocks]
[quote=mattkime]
[quote=Mike Sellers]
[quote=Michael]I did use HR Block once years ago but they wouldn't let me input the extra catch-up contribution to our Roth IRA's even though I knew it was legit starting that year (2002, I think).
Why would you need to include a Roth contribution? They don't affect your taxes.
Its still reported, not sure exactly what the IRS does with the info.
Maybe it's a check that you didn't exceed your yearly contribution limit.
Never listed it on my returns and never got dinged. The IRS already has the info and wouldn't need a tax return to flag an overpayment.
I think you're correct. That Roth IRA and regular IRA contributions are sent in by the financial house on Form 5498. I'd bet I am misremembering and it was a deductible IRA; that is reported on tax returns since it reduces income. We started with deductible IRA's and later shifted to Roths. Or, heck, maybe it was something completely different! I do remember that it blocked my ability to put in an additional amount that was allowed by the IRS. It accepted the "normal" amount but not the catch-up amount.