Comments on: How do I declare roth IRA contribution for taxes? http://www.iraroth.net/2009/12/how-do-i-declare-roth-ira-contribution-for-taxes/ IRA Questions and Answers Thu, 20 Oct 2011 14:36:38 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Judy http://www.iraroth.net/2009/12/how-do-i-declare-roth-ira-contribution-for-taxes/comment-page-1/#comment-244 Judy Wed, 23 Dec 2009 22:32:42 +0000 http://www.iraroth.net/2009/12/how-do-i-declare-roth-ira-contribution-for-taxes/#comment-244 The income is already in your W-2 when you earned it, so you are already paying the tax on it. The income is already in your W-2 when you earned it, so you are already paying the tax on it.

]]> By: stephenweinstein http://www.iraroth.net/2009/12/how-do-i-declare-roth-ira-contribution-for-taxes/comment-page-1/#comment-243 stephenweinstein Wed, 23 Dec 2009 22:06:00 +0000 http://www.iraroth.net/2009/12/how-do-i-declare-roth-ira-contribution-for-taxes/#comment-243 NOWHERE. You do not declare Roth IRA contributions anywhere when filing taxes. NOWHERE. You do not declare Roth IRA contributions anywhere when filing taxes.

]]> By: bostonianinmo http://www.iraroth.net/2009/12/how-do-i-declare-roth-ira-contribution-for-taxes/comment-page-1/#comment-242 bostonianinmo Wed, 23 Dec 2009 21:32:12 +0000 http://www.iraroth.net/2009/12/how-do-i-declare-roth-ira-contribution-for-taxes/#comment-242 Roth contributions are not tax deductible so you don't report them anywhere. Your benefit is on the back end when you retire and the distributions are totally TAX FREE at that time. In most cases you will do far better in the long run with the tax free accumulation and distributions of a Roth account unless you are retiring in a very few years and know for a fact that your income will be in a lower tax bracket at retirement. Roth contributions are not tax deductible so you don’t report them anywhere. Your benefit is on the back end when you retire and the distributions are totally TAX FREE at that time. In most cases you will do far better in the long run with the tax free accumulation and distributions of a Roth account unless you are retiring in a very few years and know for a fact that your income will be in a lower tax bracket at retirement.

]]> By: Charles G http://www.iraroth.net/2009/12/how-do-i-declare-roth-ira-contribution-for-taxes/comment-page-1/#comment-241 Charles G Wed, 23 Dec 2009 21:09:09 +0000 http://www.iraroth.net/2009/12/how-do-i-declare-roth-ira-contribution-for-taxes/#comment-241 The Roth IRA does not give you a tax deduction for the year you contribute. It is made with "after tax" dollars. That's the bad news. The good news is it isn't taxed (hopefully still won't when you retire) when you take the money out. Either way, you don't put it anywhere on the Form 1040. The Roth IRA does not give you a tax deduction for the year you contribute. It is made with “after tax” dollars. That’s the bad news.

The good news is it isn’t taxed (hopefully still won’t when you retire) when you take the money out.

Either way, you don’t put it anywhere on the Form 1040.

]]> By: chatsplas http://www.iraroth.net/2009/12/how-do-i-declare-roth-ira-contribution-for-taxes/comment-page-1/#comment-240 chatsplas Wed, 23 Dec 2009 20:21:53 +0000 http://www.iraroth.net/2009/12/how-do-i-declare-roth-ira-contribution-for-taxes/#comment-240 DON'T. It's Post-tax dollars. Why aren't you contributing to a 401k or traditional IRA? Then you get tax advantages. Can make contribution to IRA up to tad date. DON’T.
It’s Post-tax dollars.
Why aren’t you contributing to a 401k or traditional IRA? Then you get tax advantages. Can make contribution to IRA up to tad date.

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