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Old 03-18-2014, 09:49 PM
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Roth IRA

Hi, I plan to make a contribution to a roth IRA below the limits for 2013, do I need to report it in my tax return? if yes, where?

Thanks!!!



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Old 03-19-2014, 10:34 AM
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Quote:
Originally Posted by erfranco View Post
Hi, I plan to make a contribution to a roth IRA below the limits for 2013, do I need to report it in my tax return? if yes, where?

Thanks!!!
No;as you can see, R-IRAs do not provide an up-front tax benefit, although they offer tax-deferred growth of earnings and tax-free withdrawals in retirement, as long as you follow IRS rules. For traditional IRA, as you can deduct traditional IRA contributions from your taxable income, they impact your taxes due. Therefore, the IRS requires you to report how much money you put into traditional IRAs each year. Since the IRS does not attach the same benefit to R-IRAs, you do not have to report contributions on your tax return.



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