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

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David E. Du Val, EA
Chief Compliance Officer for TRI Holdco

 

Dave Du Val, EA, is Chief Compliance Officer for TRI Holdco. Inc., the parent company of TaxAudit, and Centenal Tax Group. A nationally recognized speaker and educator, Dave is well known for his high energy and dynamic presentation style. He is a frequent and popular guest speaker for the California Society of Tax Consultants, the California Society of Enrolled Agents and the National Association of Tax Professionals. Dave frequently contributes tax tips and information to news publications, including US News and World Report, USA Today, and CPA Practice Advisor. Dave is an Enrolled Agent who has prepared thousands of returns during his career and has trained and mentored hundreds of tax professionals. He is a member of the National Association of Tax Professionals, the National Association of Enrolled Agents and the California Society of Enrolled Agents. Dave also holds a Master of Arts in Education and has been educating people since 1972. 


 

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