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skubsnx
New Member

Found the section RothIRAs, and remembered I've had one for 10+yrs but never put on my tax return, is it going to come back and bite me? Deposit only, no withdrawals.

Totally forgot I had one, don't even remember how long I've had.  Have never withdrawn anything out of it, just deposits.  

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ThomasM
New Member

Found the section RothIRAs, and remembered I've had one for 10+yrs but never put on my tax return, is it going to come back and bite me? Deposit only, no withdrawals.

Assuming you never contributed more than allowed for a given year, then you're fine.  Roth IRAs are funded with after-tax dollars (money that's yours that you already paid tax on), and the tax benefit comes later -- when you take a distribution, none of the distribution is taxable (subject to certain requirements).

So if you haven't withdrawn any money from the account and it's just been sitting there, then you haven't had to report anything on your tax returns.

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ThomasM
New Member

Found the section RothIRAs, and remembered I've had one for 10+yrs but never put on my tax return, is it going to come back and bite me? Deposit only, no withdrawals.

Assuming you never contributed more than allowed for a given year, then you're fine.  Roth IRAs are funded with after-tax dollars (money that's yours that you already paid tax on), and the tax benefit comes later -- when you take a distribution, none of the distribution is taxable (subject to certain requirements).

So if you haven't withdrawn any money from the account and it's just been sitting there, then you haven't had to report anything on your tax returns.

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