Hello Fools,

Here's a tidbit of information that I got off a message board from www.rothira.com:

"...You do not need to report your regular Roth contributions on the Form 8606. The financial organization where you open your Roth will notify the IRS of your contribution by way of a Form 5498. However, it is still the IRA holder's responsibility to keep track of contributions and conversions so KEEP YOUR STATEMENTS AND PAPERWORK!!!!!"

I hope this helps. I guess all the Roth IRA contribution reporting is in the hands of your financial institution. I hope they don't make any mistakes! My questions are these:

1) When is this Form 5498 sent to the IRS?

2) I have a Roth IRA set up with Vanguard. My account shows my original 1998 Roth IRA $2K contribution, but there is no evidence that taxes have been deducted. When will this tax deduction take place?

Thanks for your help,

nelsonpc