@sstanley wrote:
So this reporting is only for contributions made outside of any employment.
Yes. An IRA is a "I"ndividual "R"etirment "A"ccount held in your name in a bank or financial institution that you can make your own contributions to. It can either be a Traditional IRA (after-tax money) that you pay taxed on when finally withdrawn, or a Roth IRA (before-tax money) that you pay tax on before contributing it so it will be tax free when withdrawn. There are advantages and disadvantages to both.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
