I'm hoping if you can clarify how IRA contributions need to be disclosed on a tax return.
If I make a Roth IRA contribution (ie $2000), do I need to report the contribution amount on Form 8606? I've received different opinions. Thereafter, do I need to continue to disclose the accumulated Roth IRA contributions that I contribute every year on Form 8606 to disclose to the IRS? So in Yr 2, I make another $2K contribution so I need to disclose accum $4K on Form 8606.
Do the rules apply similiar to other IRA contributions like Traditional, and nondeductible contributions as well?
Thank you.
