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Roth IRA and Income Tax?
I'm getting my tax stuff together and I don't have any 1099 statements for my Roth IRA accounts. I'm thinking that because the money goes in after taxes and earns money tax-free I won't have anything to report on the return. Is this correct?
5 Answers
- card-ronLv 71 decade agoFavorite Answer
You are correct in your thinking. Unless you qualify for the retirement savings credit or take a distribution there is nothing from your Roth to report.
- StephenWeinsteinLv 71 decade ago
You must report something on your tax return when you take money out of a Roth IRA. You do not report anything when you put money in, or while it stays in.
- ?Lv 44 years ago
Helen is sweet. See IRS e book 590. you are able to no longer take a loss except your finished distributions once you no longer have a Roth IRA are below your finished contributions. No loss in case you nonetheless have a Roth IRA. for a time-honored IRA you need to basically take a loss in the journey that your finished distributions are below your "nondeductible" contributions. you are able to no longer take any loss if all contributions have been deductible (likewise for 401k), through fact that there's no tax deduction for money lost that had under no circumstances been taxed.
- Nifty BillLv 71 decade ago
That is the beauty of the ROTH. You don't pay taxes ever on the earnings, and so you should always put the max you can afford into your ROTH.
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- troLv 71 decade ago
if you didn't make tax advantage contributions to your IRA, no there is nothing to report