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
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.
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).
What about a custodian Roth IRA for minors?