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Posted by D. Stussy on June 10, 2008, 3:54 am
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> I made contribution to Roth IRA in 2007 AFTER I filed my 1040. I
> checked out form 8606 but it has no way of reporting ROTH IRA
> contributions (Other than conversion from other IRAs). Do I have to
> report my contribution to IRS to avoid any penalties/questions later?
> If so, how do I report my Roth IRA contribution to IRA?
>
> ========================================= MODERATOR'S COMMENT:
> If this is a valid contribution, and if it does not qualify you
> for a Retirement Savers Credit on Form 8880, there is no place to report
> it. Make sure you keep a recod of this contribution in your own personal
> records.
There is generally no place that the contribution needs to be reported at
this time. However, keep a record of this - as if you withdraw in a future
year, contributions and converted amounts come out before earnings and that
may have a tax effect if you're doing a non-qualified withdrawl.
--
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