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Level 4
February 22, 2022
Question

Does a traditional IRA receive tax documents for contributions?

  • February 22, 2022
  • 2 replies
  • 30 views

Do you receive any tax documents from the IRS from owning a traditional IRA and do you report contributions?

    2 replies

    fanfare
    Level 15
    February 22, 2022

    you have to report your contribution, which is either

    a) deductible. or

    b) not deductible (use Form 8606).

     

    Mike9241
    Level 15
    Level 15
    February 22, 2022

    the IRS sends you nothing. if you have tax basis - nondeductible portion you need to file form 8606 for the year the contribution was made and you need to keep copies of that form in case the IRS ever inquires.

     

    Mike9241