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01-20-2009, 06:28 PM
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#1 |
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Registered User
Join Date: Jan 2008
Posts: 3
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ROTH IRA on 1040-do I enter a basis somewhere?
Am using Turbotax for 2008 taxes
I have a ROTH IRA, do I enter a basis somewhere on the 1040 or in Turbotax of the total that is in the Roth? I know I do that for my traditional IRA Thanks PC |
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01-23-2009, 01:56 PM
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#2 |
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Registered User
Join Date: Oct 2001
Posts: 1,586
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Pcumming,
It is a good idea for you to keep a record of your Annual Contributions and your Converstions to your ROTH IRAs. Generally the IRS does not care what legal activities you engage in with your after tax money. It is not necessary to report your annual contributions to your ROTH IRA to the IRS. Conversion amounts to your ROTH IRA are reported on form 8606, part II. Annual Contributions to a Traditional IRA are reported because may be deducting that contribution from our gross income, and delaying paying tax on that amount. After tax Annual Contributions to a Traditional IRA are reported to the IRS on form 8606 part I. This is necessary so we will not be paying tax on the contribution when we make a distribution. Last edited by clydewolf : 01-23-2009 at 02:00 PM. |
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