Where do i put my roth account info

[cierraajackson]

do I have to put my roth account information down and if so where?

[DexterS · Accepted solution]

If you are making contributions to a ROTH account it doesn't get entered anywhere.

ROTH accounts are funded with "after tax" dollars.  That means you pay taxes on the money now, but when you take a qualified distribution the contribution and earnings come out tax free.

A qualified distribution is one that occurs at least five years after the year of the employee’s first designated Roth contribution (counting the first year as part of the five) and is made:

• On or after attainment of age 59½,
• On account of the employee’s disability, or
• On or after the employee’s death.

Nonqualified distributions

A distribution that is not a qualified distribution will be partially included in gross income if there are earnings in the account.

• The distribution will be treated as coming pro-rata from earnings and contributions (basis).
• The 10% tax on early withdrawals may apply to the part of the distribution that is includible in gross income.

[cierraajackson]

Does the same apply for a traditional IRA?

[DexterS]

No, traditional IRA are different.

You get a deduction on your tax return for contributing to a IRA.

When you take a distribution after you are 59 1/2 the entire distribution is subject to tax as ordinary income.