TAx Form when filing a ROTH
Does the CPA need to generate any form when a client contributes to a ROTH IRA?
Is a form 8606 required? Accountant does not want to generate any forms.
I know the financial institution generates a 5498 .
Any help would be great!
Permalink Submitted by Alan - IRA critic on Mon, 2021-04-19 22:35
No form is needed unless the Roth contributions triggers the Saver’s Credit (Form 8880). However, the CPA should still be entering the contribution into their tax program to capture the additional regular Roth IRA contribution basis. This enables the tax program to accurately report any non qualified distributions the client may take later. No 8606 is required to report regular contributions, just conversions.