IRAs

Forum|Forum|6 years ago
February 12, 2020
3 replies
5 views

This might be a dumb question, but as someone who's relatively younger in terms of life experience and starting the undertaking of preparing taxes for myself and newer husband....

How do I know if either of us contributed to an IRA or not in 2019 (and if we did, how do we differentiate the kind)? Would we receive a Form 1099-R or 5498 if we did (and thus I can safely assume we made no such contributions since we did NOT receive either of these forms)?

*Also of note: on one of my husband's W-2's, in box 12 he has AA listed, which is "Designated Roth contributions under a section 401(k) plan." Does this count as contributions to an IRA or 401(k)? Or neither??

Thank you!

fanfare

Level 15

You must act proactively to make an IRA contribution ; you would know if you did it.

Anything shown on your W-2, just enter exactly as it appears.

macuser_22

Alumni - Champ

@foxylady2391 wrote:

band's W-2's, in box 12 he has AA listed, which is "Designated Roth contributions under a section 401(k) plan." Does this count as contributions to an IRA or 401(k)? Or neither??

A code AA is a designated Roth (a 401(k) Roth) and is NOT a IRA contribution and is ONLY reported on your W-2 - nowhere else.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

VictorW9

Level 7

So, your husband made after tax contribution to a Roth IRA. You shouldn't worry if you never received anything for it as the contribution was made after tax. If it were a traditional IRA, then you should have received at least a form 5498 showing your contributions before taxes as it may also affect your current return as you may want to take the contribution deduction.

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