What do I need to support my ira contribution

lanie3of8 · ‎June 4, 2019

I opened an IRA in my bank and included it on my return. What else do I need to do? How does the IRS know that we opened it?

IreneS · ‎June 4, 2019

That's all you need to do. The IRS will take your word for it on your return, but they would find out eventually if you didn't really open the IRA! [They have ways!]

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lanie3of8 · ‎June 4, 2019

I read that Form 8606 needs to be reported but I don't see that in my documents.

IreneS · ‎June 4, 2019

Form 8606 is only necessary if you made NONDEDUCTIBLE contributions to an IRA. For regular contributions to a traditional IRA you do not need this form.

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What do I need to support my ira contribution

Retirement tax questions

Retirement tax questions

Retirement tax questions