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I opened a RothIRA this year. How I have to report it? If so how do I do this.

 
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5 Replies
DexterS
New Member

I opened a RothIRA this year. How I have to report it? If so how do I do this.

You don't report contributions to a ROTH anywhere.

Roth contributions are "after tax" so there is no deduction on your tax return for putting money into a ROTH. 

But the good news is, you don't report qualified withdrawals as income with you take that money out.

I opened a RothIRA this year. How I have to report it? If so how do I do this.

So i can do a regular 1040 EZ tax form?
DexterS
New Member

I opened a RothIRA this year. How I have to report it? If so how do I do this.

Yes, if that's the only thing that would have forced you file a different form.

I opened a RothIRA this year. How I have to report it? If so how do I do this.

Well, i also have sold stock (i posted this question separately) for the first time. Its through a employee stock purchase plan. On the paper given to me, in regard to stocks,  it says at the bottom "no further action on your part is required. The amount reflected in the last column will appear on your W-2 form as taxable income". Do i have to do a different form that the 1040-EZ? I just dont want to purchase an upgraded version of turbotax unless I need to.
DexterS
New Member

I opened a RothIRA this year. How I have to report it? If so how do I do this.

Did you/will you receive a 1099?
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