How Does The IRS Know My Roth IRA Contribution?
- 37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaYour contribution to a Roth IRA does not even appear on the IRS radar until you make a withdrawal. At that time the company will report anything that will create a taxable event. That probably means that your Roth IRA will operate outside the IRS purview forever. It was purchased with after-tax dollars and the benefits of a plan that has been in force for five years and that makes distribution after you are 50.5 years old are free of income tax.Answered on August 12, 2014flag this answer
- 11783 POINTSContact Meview profileLarry GilmorePROAgent Owner, Gilmore Insurance Services, Marysville, Washington StateHow does the IRS know about my Roth Contributions? Well, they know because the place you put that money has to tell the IRS that they have the money. Part of the cost of having something like a Roth or an IRA or any qualified plan is reporting. The people that take your money must tell the government they have it.Answered on November 11, 2015+01 0+1 this answerflag this answerview more answers by Larry Gilmore
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