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Level 3
posted Jan 22, 2021 6:58:18 AM

What is the proper way to file your Roth IRA?

For a Roth IRA that has no withdrawals and only monthly contributions, (which have been reported through the Traditional and Roth IRA section on TurboTax) is there anything else that needs to be reported or shown on your return? Thanks

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1 Best answer
Expert Alumni
Jan 22, 2021 7:12:02 AM

If you have entered your Roth IRA contributions in TurboTax in the Traditional and Roth IRA section, there is nothing else to do. Roth IRA contributions are not tax deductible.

5 Replies
Expert Alumni
Jan 22, 2021 7:12:02 AM

If you have entered your Roth IRA contributions in TurboTax in the Traditional and Roth IRA section, there is nothing else to do. Roth IRA contributions are not tax deductible.

Level 3
Jan 22, 2021 8:02:24 AM

My Roth IRA is set to release consolidated 1099 forms in a few days, which could include several forms like the 1099-INT. Do these need to be filed separately, or since this is a Roth IRA, no further action needs to be taken?

Level 15
Jan 22, 2021 8:06:05 AM

You should not be getting any 1099 forms for IRA, ROTH IRA or 401k or retirement accounts.  Only 1099R for withdrawals.  If you do get a 1099 for interest, dividends, sales etc.  you do not report it.  

Level 3
Jan 22, 2021 8:09:44 AM

Thanks for the answer! Does this also apply to any SIMPLE IRA accounts set up by an ex-employer? 

Level 15
Jan 22, 2021 8:12:03 AM

Yes.  Only report Distributions, rollovers, transfers, conversions.  But nothing that happens inside the account.