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Author: ZigballZigball Date: Apr 3, 2008 13:03
Hello All,
I am trying to figure out the Roth IRA for tax purpose. Is there
anyone who can give me understanding for a 1040 tax return. I found
that non deductible contributions and deductible contributions make a
difference with Roth IRA contributions, in any case will any of these
contributions be reported on a 1040 tax return. I also know that the
custodian is responsible for repoting non-deductible roth ira
contributions to the irs. Please explain in as much detail as
possible, thanks in advance.
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Author: Barry MargolinBarry Margolin Date: Apr 3, 2008 13:54
In article
f63g2000hsf.googlegroups.com>,
Zigball gmail.com> wrote:
> Hello All,
>
> I am trying to figure out the Roth IRA for tax purpose. Is there
> anyone who can give me understanding for a 1040 tax return. I found
> that non deductible contributions and deductible contributions make a
> difference with Roth IRA contributions, in any case will any of these
> contributions be reported on a 1040 tax return. I also know that the
> custodian is responsible for repoting non-deductible roth ira
> contributions to the irs. Please explain in as much detail as
> possible, thanks in advance.
There's no such thing as deductible contributions to a Roth IRA. Only
regular IRAs allow you to deduct contributions, if you're not covered by
a retirement plan at work or your income is below a certain amount.
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Author: DF2DF2 Date: Apr 3, 2008 14:03
In misc.taxes.moderated, Zigball wrote:
>Hello All,
>
>I am trying to figure out the Roth IRA for tax purpose. Is there
>anyone who can give me understanding for a 1040 tax return. I found
>that non deductible contributions and deductible contributions make a
>difference with Roth IRA contributions, in any case will any of these
>contributions be reported on a 1040 tax return. I also know that the
>custodian is responsible for repoting non-deductible roth ira
>contributions to the irs. Please explain in as much detail as
>possible, thanks in advance.
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Author: Rich CarreiroRich Carreiro Date: Apr 3, 2008 14:20
Zigball gmail.com> writes:
> Hello All,
>
> I am trying to figure out the Roth IRA for tax purpose. Is there
> anyone who can give me understanding for a 1040 tax return. I found
> that non deductible contributions and deductible contributions make a
> difference with Roth IRA contributions,
"Deductible contributions" and "non-deductible contributions"
are terms pertaining to TRADITIONAL IRAs, not Roth IRAs.
You do not report the Roth IRA contributions you make.
--
Rich Carreiro rlc-news@ rlcarr.com
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Author: ZigballZigball Date: Apr 3, 2008 21:20
On Apr 3, 5:20 pm, Rich Carreiro rlcarr.com> wrote:> Zigball gmail.com> writes:>> Hello All,
>
>> I am trying to figure out the Roth IRA for tax purpose. Is there
>> anyone who can give me understanding for a 1040 tax return. I found
>> that non deductible contributions and deductible contributions make a
>> difference with Roth IRA contributions,
>
> "Deductible contributions" and "non-deductible contributions"
> are terms pertaining to TRADITIONAL IRAs, not Roth IRAs.
>
> You do not report the Roth IRA contributions you make.
>
> --
> Rich Carreiro rlc-n...@ rlcarr.com
>
> --
> << ------------------------------------------------------- >>
> << The foregoing was not intended or written to be used, >> ...
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Author: KatieKatie Date: Apr 3, 2008 22:10
On Apr 3, 9:20 pm, Zigball gmail.com> wrote:> On Apr 3, 5:20 pm, Rich Carreiro rlcarr.com> wrote:
>
>
>
>
>>> Zigball gmail.com> writes:>>> Hello All,
>
>>> I am trying to figure out the Roth IRA for tax purpose. Is there
>>> anyone who can give me understanding for a 1040 tax return. I found
>>> that non deductible contributions and deductible contributions make a
>>> difference with Roth IRA contributions,
>
>> "Deductible contributions" and "non-deductible contributions"
>> are terms pertaining to TRADITIONAL IRAs, not Roth IRAs.
>
>> You do not report the Roth IRA contributions you make.
> ...
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Author: Phil MartiPhil Marti Date: Apr 4, 2008 03:20
"Zigball" wrote:
> Strange I used to work for a brokerage firm, I should know a little.
Why? Every brokerage has fine print saying "Don't rely on us for tax
advice." That's because at least their lawyers know they don't know enough,
even if the person you draw on their 800 number thinks he does.
> Besides is it safe to assume that the IRS assumes that all Roth IRA
> contributions are pre-taxed or am I in a galaxy far far away?
No, you're not in another galaxy, which, along with the fact that you have
access to a computer, means you can mosey over to www.irs.gov and get a copy
of IRS Publication 590, which has answers to all your questions. If
something remains unclear after you do your homework, please provide a Pub
590 reference.
The "whys" are because of the law, in most cases sections 408 and 408A of
the Internal Revenue Code, and the regulations in connection with them.
--
Phil Marti
Clarksburg, MD
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Author: Mark BoleMark Bole Date: Apr 4, 2008 06:50
Katie wrote:
> On Apr 3, 9:20 pm, Zigball gmail.com> wrote:>> On Apr 3, 5:20 pm, Rich Carreiro rlcarr.com> wrote:[...]
>
> You can convert a traditional IRA to a Roth IRA by rolling the funds
> over. The amount rolled into the Roth account is taxable income;
> however, the income and tax liability may be spread over 4 years (it
> will be 2 years after 2011).
Katie, I had to double check because your replies are usually very
thorough and authoritative...but I'm pretty sure you cannot spread the
tax effects of tradition-to-Roth conversion over four years, it must be
reported and taxed all in one year.
As law stands now, conversions in 2010 will not be subject to
restrictions such as MFS filing status and high AGI, and the tax
liability will be spreadable over two years...but none of that is true now.
-Mark Bole
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Author: Phil MartiPhil Marti Date: Apr 4, 2008 08:37
"Mark Bole" wrote:
> Katie, I had to double check because your replies are usually very
> thorough and authoritative...but I'm pretty sure you cannot spread the tax
> effects of tradition-to-Roth conversion over four years, it must be
> reported and taxed all in one year.
You are correct. The 4-year spread was one-time only, in 1998.
> As law stands now, conversions in 2010 will not be subject to restrictions
> such as MFS filing status and high AGI, and the tax liability will be
> spreadable over two years...but none of that is true now.
An amplification since the 2010 "spread" will work differently than the 1998
spread. For conversions done in 2010 only, the income will be split 50/50
between 2011 and 2012 unless the taxpayer elects to recognize all the income
in 2010 [sic all those years].
The elimination of income and filing status restrictions in 2010 is
permanent, but the spread is 2010 only.
That is, if the provision survives until 2010. There are some (I see a hand
waving in the mirror) who think it doesn't have a prayer.
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Author: ZigballZigball Date: Apr 4, 2008 10:31
On Apr 4, 1:10 am, Katie yahoo.com> wrote:> On Apr 3, 9:20 pm, Zigball gmail.com> wrote:
>
>
>
>
>>> On Apr 3, 5:20 pm, Rich Carreiro rlcarr.com> wrote:>
>>> Zigball gmail.com> writes:>>>> Hello All,
>
>>>> I am trying to figure out the Roth IRA for tax purpose. Is there
>>>> anyone who can give me understanding for a 1040 tax return. I found
>>>> that non deductible contributions and deductible contributions make a
>>>> difference with Roth IRA contributions,
>
>>> "Deductible contributions" and "non-deductible contributions"
>>> are terms pertaining to TRADITIONAL IRAs, not Roth IRAs.
> ...
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