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Old 06-10-2008, 07:54 AM
D. Stussy
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Default Re: Reporting Roth IRA

<jsubscribe[at]gmail.com> wrote in message
news:6c370ab5-8da2-49c8-8497-feb19bb1d0a8[at]y21g2000hsf.googlegroups.com...
- quote -

> 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. > << ------------------------------------------------------- >
  #-1  
Old 06-09-2008, 06:48 PM
jsubscribe@gmail.com
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Posts: n/a
Default Reporting Roth IRA

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. > << ------------------------------------------------------- >
 

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ira, reporting, roth
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