When opening up and contributing to a Roth IRA, is it something you have to file/claim/put on your taxes at all that year? Title explains it all! December 18, 2021 by paysite Uncategorized 3 You may also like... My 2022 Investment Changes – What do you advise? So lets say i was a really dumb teenager in debt…can i fix this? (x-post r/financialplanning) Should I get a credit card or start investing? (early twenties) 3 Responses Comments3 Pingbacks0 pm-me-ur-raccoon says: December 18, 2021 at 2:35 am No. There’s nothing to report in the account opening process and the custodian will file a form with the IRS in May telling them about your contribution. For a Roth IRA contribution you don’t need to do anything else. For a deductible traditional IRA contribution, you will make your deduction when you file your return. If your contribution was not allowed, the IRS may send you a stern letter demanding you rectify the situation. Reply nothlit says: December 18, 2021 at 2:37 am Generally no. The only times you would are if you have excess contributions (easily avoidable), or if you qualify for the Saver’s Credit (only available at very low incomes). Reply jnav007 says: December 18, 2021 at 4:33 am What about a custodian Roth IRA for minors? Reply Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment.