If I open a 2015 Roth IRA and put $5500 into it, does this need to be included on 2015 Taxes?

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INTRESIS
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Joined: Sat Nov 15, 2014 12:39 pm

If I open a 2015 Roth IRA and put $5500 into it, does this need to be included on 2015 Taxes?

Post by INTRESIS »

If I open a 2015 Roth IRA and put $5500 into it, does this need to be included on 2015 Taxes?
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Toons
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Re: If I open a 2015 Roth IRA and put $5500 into it, does this need to be included on 2015 Taxes?

Post by Toons »

A Roth Ira is an after tax contribution
"Believe it or not, you don’t have to report your Roth contributions anywhere on your tax return" :happy

https://www.irahelp.com/slottreport/rot ... keep-track
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
LateStarter1975
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Re: If I open a 2015 Roth IRA and put $5500 into it, does this need to be included on 2015 Taxes?

Post by LateStarter1975 »

Toons wrote:A Roth Ira is an after tax contribution
"Believe it or not, you don’t have to report your Roth contributions anywhere on your tax return" :happy

https://www.irahelp.com/slottreport/rot ... keep-track
Correct answer
Debt is dangerous...simple is beautiful
CT-Scott
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Re: If I open a 2015 Roth IRA and put $5500 into it, does this need to be included on 2015 Taxes?

Post by CT-Scott »

For anyone doing a Backdoor Roth, I found this very informative:
http://thefinancebuff.com/backdoor-roth ... -easy.html
Topic Author
INTRESIS
Posts: 94
Joined: Sat Nov 15, 2014 12:39 pm

Re: If I open a 2015 Roth IRA and put $5500 into it, does this need to be included on 2015 Taxes?

Post by INTRESIS »

Toons wrote:A Roth Ira is an after tax contribution
"Believe it or not, you don’t have to report your Roth contributions anywhere on your tax return" :happy

https://www.irahelp.com/slottreport/rot ... keep-track
Excellent. I already did my tax forms, and I was worried I would have to some extra paperwork to account for the Roth IRA contributions. I'm glad that I don't need to bother with anything like that.
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Jerry55
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Re: If I open a 2015 Roth IRA and put $5500 into it, does this need to be included on 2015 Taxes?

Post by Jerry55 »

Last year, I asked the same question for this years tax return.

Form 5498 ~
Form 5498: IRA Contributions Information reports your IRA contributions to the IRS. Your IRA trustee or issuer – not you – is required to file this form with the IRS by May 31. You won't find this form in TurboTax, nor do you file it with your tax return. The copy you receive in the mail is a copy for your records.
Retired CSRS on 12/19/2012 @ age 57 w/39 years | Good Bye Tension, Hello Pension !!!
Alan S.
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Re: If I open a 2015 Roth IRA and put $5500 into it, does this need to be included on 2015 Taxes?

Post by Alan S. »

If your income is on the low side, you might be eligible for the Savers Credit, Form 8880.

Form 8880 asks for your Roth and other IRA contributions on line 1. If you use a tax program it should ask you about all your IRA contributions and then determine from your total AGI if you are eligible for Form 8880 or not:

https://www.irs.gov/pub/irs-pdf/f8880.pdf
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grabiner
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Re: If I open a 2015 Roth IRA and put $5500 into it, does this need to be included on 2015 Taxes?

Post by grabiner »

Alan S. wrote:If your income is on the low side, you might be eligible for the Savers Credit, Form 8880.

Form 8880 asks for your Roth and other IRA contributions on line 1. If you use a tax program it should ask you about all your IRA contributions and then determine from your total AGI if you are eligible for Form 8880 or not:

https://www.irs.gov/pub/irs-pdf/f8880.pdf
And if you are close to the Form 8880 thresholds, you might want to use a Traditional IRA instead, as this lowers your AGI and may make you eligible for the credit. For example, if you are $1500 over the limit, you can put $1500 into a Traditional IRA and $4000 into a Roth IRA, and get a $200 tax credit. (And if you would prefer the Roth IRA, you can then convert the Traditional IRA to a Roth in some later year in which it won't cost you the Saver's Credit.)
Wiki David Grabiner
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