topic Do I need to report earned dividends on a traditional IRA with my bank? I have not contributed to it or received distributions but the account shows it earned dividends. in Retirement tax questions

Do I need to report earned dividends on a traditional IRA with my bank? I have not contributed to it or received distributions but the account shows it earned dividends.

lylee23 — Thu, 16 Jan 2020 02:53:16 GMT

Re: Do I need to report earned dividends on a traditional IRA with my bank? I have not contributed to it or received distributions but the account shows it earned dividends.

KMNelson4425 — Thu, 16 Jan 2020 03:07:37 GMT

No you don't.

Since the dividends roll back into the Traditional IRA, you don't have to report it.

Once you start taking distributions, you'll put it on your taxes.

Hope this helps.

Re: Do I need to report earned dividends on a traditional IRA with my bank? I have not contribute...

BillM223 — Thu, 16 Jan 2020 15:45:06 GMT

KMNelson is correct, Not only are the contributions to a traditional IRA generally deductible on the federal level (TurboTax will tell you when they are not), but the earnings are tax-deferred until you withdraw amounts from the IRA in the future.

Note that qualified distributions from a Roth IRA are never taxable, so long as you are at least 59 1/2 and have had a Roth IRA for at least 5 years.