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I have an IRA will I receive a form?

 
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IsabellaG
Expert Alumni

I have an IRA will I receive a form?

If you took a distribution from your IRA, you will receive a Form 1099-R, and you'll need to report it on your return. 

Otherwise, you should receive an annual statement from the IRA custodian that will give you information about your contributions and the value of the IRA. You may be able to deduct your contributions to a traditional IRA. You don't have to report if you made the correct amount of Roth IRA contributions, but  it's a good idea to enter them into TurboTax to compute any tax consequences, such as the Retirement Savings Credit.

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1 Reply
IsabellaG
Expert Alumni

I have an IRA will I receive a form?

If you took a distribution from your IRA, you will receive a Form 1099-R, and you'll need to report it on your return. 

Otherwise, you should receive an annual statement from the IRA custodian that will give you information about your contributions and the value of the IRA. You may be able to deduct your contributions to a traditional IRA. You don't have to report if you made the correct amount of Roth IRA contributions, but  it's a good idea to enter them into TurboTax to compute any tax consequences, such as the Retirement Savings Credit.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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