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New Member
posted Jun 4, 2019 1:26:43 PM

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?

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1 Best answer
Intuit Alumni
Jun 4, 2019 1:26:44 PM

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!]

3 Replies
Intuit Alumni
Jun 4, 2019 1:26:44 PM

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!]

New Member
Jun 4, 2019 1:26:45 PM

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

Intuit Alumni
Jun 4, 2019 1:26:47 PM

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.