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Financial Planning / Tax Strategies
|Subject: Re: Roth IRA taxes||Date: 1/1/2002 3:46 PM|
|Author: Mark0Young||Number: 56571 of 121219|
You need to let your tax preparer know how much you've contributed to your Roth for the year.
Other than just as a double-check for eligibility (which I think is a good-enough reason), the tax preparer realy doesn't need to know--there is no place to declare Roth IRA contributions. (This is unlike non-deductable Tradtional IRA contributions where one needs to establish one's "tax basis".)
See IRS (http://www.irs.gov) Publication 590 (http://www.irs.gov/forms_pubs/pubs/p590toc.htm), specifically the introduction of Chapter 2 (http://www.irs.gov/forms_pubs/pubs/p59002in.htm) has this statement:
Contributions not reported. You do not have to report Roth IRA contributions on your return.
The Roth IRA custodian(s) is(are) responsible for notifying the IRS of Roth IRA contributions.
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