Roth IRA contributions after filing
I had a client file their taxes. They told their accountant they weren’t planning on making any Roth contributions and their return was filed. Now they want to make Roth contributions for 2024. Do they need to refile? I’ve read where Roth contributions don’t have to be reported but clients need to keep track of the basis in case they withdraw the funds before 59.5.
Permalink Submitted by Alan - IRA critic on Sun, 2025-03-02 11:11
Unless their AGI is under 76,500 AND they each did not contribute at least 2000 to any type of retirement plan, there is no need to amend the return to claim the Savers Credit Form 8880.
But you are correct that if they plan to continue to use this accountant for future years, after the tax season is over (eg early May), they should tell the accountant the amount of the Roth contributions and ask that they be entered into the tax program for future Roth basis tracking. In fact, the Roth contribution basis should be updated to the present if it was not current prior to 2024.
But if they are sure that they are not going to take a Roth distribution in the next year, they could wait and provide the updated data to the accountant next year, which will include any 2025 contributions as well.
Permalink Submitted by Robert Roselli on Sun, 2025-03-02 12:31
Thanks for the prompt response. Yes, I would tell them to amend their return if they were eligible for the retirement savers credit.