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Do I need to enter sales within my roth IRA somewhere?
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Do I need to enter sales within my roth IRA somewhere?
Your investment actions buy/sell are never reported for a tax-deferred account.
However, your buy transactions can trigger Wash Sales in another investment account. It is not clear how the IRS would ever know about this but that is the rule. We're all on the honor system here.
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Do I need to enter sales within my roth IRA somewhere?
Your investment actions buy/sell are never reported for a tax-deferred account.
However, your buy transactions can trigger Wash Sales in another investment account. It is not clear how the IRS would ever know about this but that is the rule. We're all on the honor system here.
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Do I need to enter sales within my roth IRA somewhere?
It depends, but you probably do not need to report these transactions. One of the advantages of IRA and Roth IRA accounts is their tax-advantaged status: the income they are generating is not taxable (or reportable for tax) until you start taking distributions from them. Thus, if the money stayed inside of the same Roth IRA, there is nothing to report until it is distributed to you (pulled from the account), in which case it is reported on Form 1099-R (to you) and you report on Form 8606 (to the IRS). Please see this IRS website for more information: https://www.irs.gov/instructions/i8606/ch01.html
But these transactions within the account itself generally do not get reported.
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