Roth IRA Question

Feb 25, 2008 2 Replies
P

Hello all,



In 2007 I took a distribution from a Roth IRA, which was well below my previous Roth contributions so it was not taxable.



I've already filed my 2007 taxes, and at the time I did not anticipate making a Roth contribution for 2007. However, if I do contribute to a Roth for 2007 (before 4/15), do I need to amend my return to include this on my 2007 form 8606 even though it will not change my tax amount?



I'm thinking *technically*, yes, but I would have the form 5498 to prove I made the 2007 contribution, so I'm not sure how crucial it is.



Thanks!!


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P

No. Just make sure you adjust your records so you know what your remaining contribution balance is.

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S

I recently dealt with a similar situation. I contacted my tax advisor and also researched it online. You don't need to report your contribution. In fact, there is absolutely nowhere on the tax form to even report it. But the IRS knows you made one (since the fund--or whatever--you made your contribution to reports it) and will nail you if it is above what your earnings were for the year, or if your contribution was over the limit.

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