Do I need to declare my IRA accounts even if no money went in or out?

July 09, 2014 by Dave Du Val, EA
Retirement Ahead Sign

Hey Dave,

I would like to know if I need to declare my Roth IRA and traditional IRA accounts on my tax return even if I haven't contributed to them in the last 4 years. I am a little confused about it every year. I just received a statement showing what I have in my IRA accounts but I didn’t put any money in or take any out. Please let me know the rules.

Thank you very much,

Alma

 

Alma,

You do not need to report anything on your tax return in tax years during which you do not put money in or take money out of your IRAs. However, the financial institution that holds your IRAs and Roth IRAs does issue a form (Form 5498, IRA Contribution Information) that covers many areas (e.g. current year contributions, rollovers, conversions, and fair market value of your investment, etc.). The financial institution also sends you a copy but it is for information only.

Deductibly Yours,

Dave

This blog does not provide legal, financial, accounting, or tax advice. The content on this blog is “as is” and carries no warranties. TaxAudit does not warrant or guarantee the accuracy, reliability, and completeness of the content of this blog. Content may become out of date as tax laws change. TaxAudit may, but has no obligation to monitor or respond to comments.