Gifted Contribution
If I give my child a gift of $3,000 to put in their Roth IRA how would they report that on their tax return? It won’t put them over the contribution limit.
If I give my child a gift of $3,000 to put in their Roth IRA how would they report that on their tax return? It won’t put them over the contribution limit.
Permalink Submitted by Alan - IRA critic on Thu, 2023-03-02 19:00
Regular Roth contributions are not reported on the tax return unless the child is eligible for the Savers Credit, Form 8880. In that case, the Roth contribution is entered on Form 8880.