Solved: What do I need to support my ira contribution
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

What do I need to support my ira contribution

I opened an IRA in my bank and included it on my return.  What else do I need to do? How does the IRS know that we opened it?

1 Best answer

Accepted Solutions
Intuit Alumni

What do I need to support my ira contribution

That's all you need to do. The IRS will take your word for it on your return, but they would find out eventually if you didn't really open the IRA!   [They have ways!]

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

View solution in original post

3 Replies
Intuit Alumni

What do I need to support my ira contribution

That's all you need to do. The IRS will take your word for it on your return, but they would find out eventually if you didn't really open the IRA!   [They have ways!]

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

View solution in original post

New Member

What do I need to support my ira contribution

I read that Form 8606 needs to be reported but I don't see that in my documents.
Intuit Alumni

What do I need to support my ira contribution

Form 8606 is only necessary if you made NONDEDUCTIBLE contributions to an IRA.  For regular contributions to a traditional IRA you do not need this form.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic Ads
v
Privacy Settings