Reporting Roth IRA

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Subject Author Date Reporting Roth IRA jsubscribe@gmail.com 06-09-2008  Re: Reporting Roth IRA D. Stussy 06-10-2008
Posted by jsubscribe@gmail.com on June 9, 2008, 2:48 pm Please log in for more thread options 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. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by D. Stussy on June 10, 2008, 3:54 am Please log in for more thread options > 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. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Roth 401k - Income Tax Return Reporting May 7, 2007, 1:29 pm Reporting Excess Roth IRA Contribution on 1040 January 23, 2009, 9:01 pm Very confused about reporting IRA->Roth transactions on Income Tax February 4, 2009, 1:57 pm Roth IRA? Please explain the taxes in reference to Roth IRA vs. Traditional April 3, 2008, 4:03 pm Rollover of Roth 401k into Roth IRA February 11, 2008, 2:17 pm Reporting of partnership February 27, 2007, 4:14 pm Tip Reporting Question March 31, 2007, 10:34 pm Options Tax Reporting March 4, 2008, 11:31 am oid payee reporting March 31, 2008, 1:42 pm Schedule C Reporting January 10, 2009, 2:21 pm