Do I have to file any forms with the IRS for making a ROTH IRA contribution?
The online tax form that I am using asks if I made any IRA contributions. Are they talking about both traditional and ROTH IRAs. Do I have to fill out any additional forms to prove that I already paid taxes on the money contributed to my ROTH? Thank you for your reply.
Public Comments
- There are no filing requirements on a Roth. That is handled by the account custodian. If the software asks about IRAs in general, just answer 'Yes'. It will ask you later what type of IRA it was and will handle the reporting properly -- i.e. none for a Roth.
- The software is just looking out for you, making sure that you don't miss out on any credits. Contributions to Roths are not deductible, but there is a Savers Credit figured on the 8880. The software will calculate this credit with the info you input. You might qualify, if you meet all the requirements. Let the software do the thinking for you.
