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| *Loan,banking and credit>>>tax accounting |
I've been adding money to my IRA account every month. Is there something i must add to file my taxes? |
I've been adding money to my IRA account every month. Is there something i must add to file my taxes? if you made a deductible contribution to a traditional IRA account, you would report this on Form 1040, line 32. if you are filing single and made over $60,000 you will not receive a deduction for this. any contributions made to a Roth IRA are non-deductible and are not reported on Form 1040. you would report any non-deductible contributions on Form 8606 to keep track of your basis. Contributions to an IRA are deductible so submit bank records or check stubs from payments/contributions to your IRA to your accountant. They will deduct up to a certain amount from your gross income saving you money on taxes. All money paid into an IRA up to 4k this year will be taxed at the normal rate and you have to declare it to the IRS. However all the income that you get form that IRA money invested like dividends, stock splits, capital gains etc will not be taxable at all especially with a Roth IRA. |
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