Hello Bees!
Last year I opened a Roth IRA and contributed money towards it. My question is... do I need any tax information related to the Roth IRA in order to file my taxes? I've been waiting, but I haven't received anything from the company I'm invested through, but maybe it's because the money going into my Roth IRA has already been taxed? I'm confused!
GOLD / wonderful apricot / 22646 posts
You Roth IRA is funded with pre tax dollars, you do need to file for taxes because this will bring down your taxable income. You can always call and see what you put away into it in 2011.
cherry / 202 posts
I disagree, a Roth IRA is funded with post taxed dollars so you do not need anything to file your taxes. The tax break of the Roth IRA is upon withdrawal, the interest you gained on it is not taxed where as a traditional IRA is funded with pre-tax dollars but all interest you gain is taxed when you take it out.
wonderful pomelo / 30692 posts
@mrsjyw: @amy: Thank you ladies! I believe that Amy is correct - I contribute to my Roth IRA with post-taxed dollars - they come directly out of my checking account, as opposed to going into the IRA straight from my employer.
wonderful pear / 26210 posts
DId you get a year end statement? I think that's all that the investment company would send out.
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4 comments