topic Re: IRAs in Retirement tax questions

IRAs

foxylady2391 — Wed, 12 Feb 2020 03:41:52 GMT

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!

Re: IRAs

fanfare — Wed, 12 Feb 2020 03:51:59 GMT

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.

Re: IRAs

macuser_22 — Wed, 12 Feb 2020 03:56:31 GMT

@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.

Re: IRAs

VictorW9 — Wed, 12 Feb 2020 03:56:37 GMT

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.