Mar 2

I am using the online form that asks if I made any IRA contributions.What are they talking about? Is it both traditional and ROTH IRAs. Do I need to fill out any other forms to prove that I already paid taxes on the money that got contributed to my ROTH? Thank you very much.

2 comments so far...

  • bostonianinmo Said on March 2nd, 2010 at 7:54 pm:

    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.

  • accordingtomom Said on March 2nd, 2010 at 8:05 pm:

    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.

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