DVD Talk Forum

DVD Talk Forum (https://forum.dvdtalk.com/)
-   Other Talk (https://forum.dvdtalk.com/other-talk-9/)
-   -   Tax Return Question (IRA Related) (https://forum.dvdtalk.com/other-talk/523755-tax-return-question-ira-related.html)

tbone 01-28-08 10:04 PM

Tax Return Question (IRA Related)
 
So I'm doing my taxes online and it asks me for a history of my Roth IRA contributions from previous years. Is this necessary to produce, and if so why? If I say yes, it proceeds to ask how much I have contributed each year. How is this relevant to my 2007 return?

And then it also asks for my contributions as of 12/31/06????

Any tax preparers care to offer their expertise? I have had a Roth IRA since 2001 and don't feel like going back and tracking 7 years worth of contributions and recharacterizations.

Brian Shannon 01-29-08 08:02 AM


Originally Posted by tbone
So I'm doing my taxes online and it asks me for a history of my Roth IRA contributions from previous years. Is this necessary to produce, and if so why? If I say yes, it proceeds to ask how much I have contributed each year. How is this relevant to my 2007 return?

And then it also asks for my contributions as of 12/31/06????

Any tax preparers care to offer their expertise? I have had a Roth IRA since 2001 and don't feel like going back and tracking 7 years worth of contributions and recharacterizations.

I believe that is incorrect regarding Roth IRA's.


Do I report my nondeductible Roth IRA contributions on Form 8606?

There are no forms to report a Roth contribution. The financial institution, which is the trustee of your Roth IRA, will send you information on the amount in your Roth IRA. They will also send the information to the Internal Revenue Service. Use Form 8606 (PDF), Nondeductible IRAs, if you made a nondeductible contribution to a traditional IRA; converted from a traditional IRA, a SEP, or Simple IRA to a Roth IRA, received a distribution from a traditional IRA, a SEP, or a Simple IRA and made nondeductible contributions to a traditional IRA, or received a distribution from a Roth or traditional IRA
http://taxes.about.com/gi/dynamic/of...ics/tc451.html

The form 8606 is used to establish a value for IRA contributions that are taxable. When a person begins withdrawls from a regular IRA (ie., taxable contributions) there has to be a way to establish a value to determine the taxes owed. That is the purpose of a form 8606.


All times are GMT -5. The time now is 08:01 PM.


Copyright 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.