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Questions on Taxability of IRA or ROTHTraditional IRA contributions deductible? Generally yes if you are not an active participant in an employer retirement plan. How do I report nondeductible contributions to a Traditional IRA? Report on IRS Form 8606. If you do not file Form 8606 you may pay more taxes than you should when you begin to take distributions. Are contributions to a ROTH deductible? No. Contributions may be withdrawn at any time tax free and free of penalty. Earnings may be withdrawn tax free and penalty free if all the requirements have been met. How do I report rollover contributions? Report rollover amounts on Form 1040 or 1040A. Your financial organization will report rollovers on a Form 1099-R. How do I report conversions? Report conversions on Form 8606 Excess contributions are reported on Form 5498, where are the distributions I took to correct the problem reported? Excess contributions are reported on Form 5498 and distributions are reported on the 1099-R. Can contributions to a SEP-IRA be deducted? If made by the employer, no. If contributions were made by a Self Employed person than they may be deducted. Why is my current year employer contribution not showing on Form 5498? Contribution may have been made after the end of the calendar year. Contributions will be shown on next years 5498. How are current year contributions made between January and April of the following year reported? Reported on a revised Form 5498 by your financial institution. I will be turning 70 1/2 (or older). How much should I be expecting to withdraw. Click Here for assistance or contact your Financial institution for assistance. (information provided by Fidelity Investments and is not an endorsement of the products or the company. Only presented for informational purposes). |
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