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#3
02-04-2006, 03:15 AM
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 Re: line for regular contribution to a Roth IRA? rick++ wrote: - quote - > I qualify to open one this year, but didnt see a line
The only time an individual need report a contribution is> for noting regular contributions, nor find that info > in online help or google. I see there are lines > for conversions and distributions, and regular > IRA contributions. My broker thought was something > so the five year period could be established. when a nondeductible contribution is made to a traditional IRA. As all contributions to a Roth IRA create a "cost basis" equal to the contribution, there is no need to report it as the trustee reports the amount and timing to the IRS. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
02-04-2006, 02:56 AM
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| Re: line for regular contribution to a Roth IRA? Form 8880 would be the only place you might include a Roth IRA contribution. If you don't qualify for the Saver's Credit, there is no need to note contributions on your federal tax return. You need to keep records of your contributions and when you opened the account, which some tax programs ask for. But the worksheet they generate will not appear on your tax return. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
02-04-2006, 02:18 AM
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| Re: line for regular contribution to a Roth IRA? "rick++" <rick303[at]hotmail.com> writes: - quote - > I qualify to open one this year, but didnt see a line
There isn't one, because Roth contributions> for noting regular contributions, nor find that info are never deductible. - quote - > IRA contributions. My broker thought was something
That's why you never ask brokers for tax advice. The> so the five year period could be established. Roth IRA custodian will file form 5498 with the IRS (and send you a copy) to document the contribution. -- Rich Carreiro rlcarr[at]animato.arlington.ma.us << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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02-04-2006, 02:18 AM
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| Re: line for regular contribution to a Roth IRA? - quote - > I qualify to open one this year, but didnt see a line for
Contributions to a Roth IRA are not recorded on the 1040.> noting regular contributions, ... My broker thought was > something so the five year period could be established. You will receive a Form 5498 from the broker which will show the contributions. -- Don EA in Upstate NY << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
02-03-2006, 07:07 AM
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| line for regular contribution to a Roth IRA? I qualify to open one this year, but didnt see a line for noting regular contributions, nor find that info in online help or google. I see there are lines for conversions and distributions, and regular IRA contributions. My broker thought was something so the five year period could be established. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| contribution, ira, line, regular, roth |
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