Tuesday, March 26, 2013

Q&A: How do I declare roth IRA contribution for taxes?

Question by Kai: How do I declare roth IRA contribution for taxes?
I contributed $ 5,000 to my roth IRA in 2008. How do I declare this when filing taxes? My company has not provided any 1099 or other document, are they supposed to? I plan to file my taxes using Turbo Tax, how/where should I declare the contribution?
Awesome, thanks for the answers. I knew it wasn’t tax deductible, I just thought I had to declare the contribution as income. Thanks all for the clarification.

Best answer:

Answer by chatsplas
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.

Know better? Leave your own answer in the comments!


Q&A: How do I declare roth IRA contribution for taxes?

Want to buy TurboTax? Check out http://turbotax2012download.net

No comments:

Post a Comment