Reporting Roth IRA

Jun 09, 2008 1 Replies
J

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.


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D

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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