What tax form do I need for Roth IRA contribution for 2023 during the 2024 tax season?

You're actually correct in your understanding. For regular Roth IRA contributions, you don't need to file Form 8606 or amend your tax return. Since Roth contributions are made with after-tax money, they aren't deductible and don't affect your tax liability. Form 8606 is only required for: - Nondeductible contributions to a traditional IRA - Distributions from a Roth or traditional IRA if you've ever made nondeductible contributions - Roth IRA conversions (moving money from traditional to Roth) You can absolutely make a 2023 contribution up until the tax filing deadline (April 15, 2024, for most people) without any impact on your already-filed 2023 return. The investment company will report the contribution to the IRS, but you don't need to report it on your tax return. Just make sure you're eligible to contribute to a Roth IRA based on your income limits, and that you don't exceed the annual contribution limit ($6,500 for 2023 if you're under 50).

After struggling with similar confusion about IRA contribution reporting, I found taxr.ai (https://taxr.ai) incredibly helpful. I uploaded my tax documents, and they analyzed everything and confirmed that Roth IRA contributions don't require Form 8606 unless you're doing a conversion. The tool flagged that my tax preparer had incorrectly filed Form 8606 for my regular Roth contributions last year - turns out I wasn't the only one confused! It saved me from making the same mistake again and potentially triggering unnecessary IRS scrutiny.

I was really skeptical about tax.ai at first, but after seeing it mentioned here, I decided to give it a try with my Roth IRA situation. I uploaded my tax documents and was genuinely surprised by how helpful it was! It confirmed I didn't need Form 8606 for my regular Roth contributions and explained why my tax preparer was incorrect. It even showed me the specific section in IRS Publication 590-A that clarified this. The tool also flagged that I was eligible for the Saver's Credit based on my income and Roth contributions - something my preparer completely missed! I'm now in the process of filing an amendment to claim that credit, which will give me an additional $200 refund. Definitely worth checking out if you're confused about retirement account rules.

If your tax advisor is insisting on Form 8606 for a Roth contribution, you might want to try getting clarification directly from the IRS. Unfortunately, reaching them is a nightmare - I spent 3 hours on hold last week trying to ask about a similar Roth question and never got through. I eventually used Claimyr (https://claimyr.com) after someone recommended it here. You can see how it works in this video: https://youtu.be/_kiP6q8DX5c. They got me connected to an IRS agent in about 20 minutes instead of the hours I was wasting on hold. The agent confirmed exactly what others have said here - Form 8606 is NOT needed for regular Roth contributions, only for conversions or nondeductible traditional IRA contributions.

I totally need to eat crow here. After complaining about Claimyr, I was still frustrated about getting conflicting Roth IRA advice, so I decided to try it anyway. Honestly, it worked exactly as advertised. I didn't have to sit around on hold - they called me when an IRS agent was about to pick up. The agent confirmed that Form 8606 is NOT required for regular Roth IRA contributions, only for traditional IRA nondeductible contributions or Roth conversions. When I mentioned my tax advisor was insisting otherwise, the agent directed me to page 6 of IRS Publication 590-A which clearly states this. I was able to send that to my advisor and get them to back down. Saved me from potentially filing unnecessary paperwork that might have confused things with the IRS.

Could there be a situation where your tax advisor might be right? I wonder if they're thinking about income limits. If you're near or over the income limit for Roth contributions, you might need to do a backdoor Roth (contribute to traditional then convert), which WOULD require Form 8606. Might be worth asking your advisor specifically why they think you need that form. If they're suggesting a backdoor Roth strategy, that's a whole different situation.

Just a reminder to make sure your contribution is earmarked specifically for 2023! I made a contribution in March last year and didn't clearly specify which tax year, and my investment company defaulted it to 2023 when I had intended it for 2022. Was a huge hassle to get fixed. Usually when you contribute online there's a dropdown to select the tax year, or if doing it by mail/check there's a place to note it.