Roth IRA Income Tax Question

by Michelle
(Kalamazoo, MI USA)

Roth IRA Income Tax Question

Roth IRA Income Tax Question

My ex-husband is starting a Roth IRA for our daughter for 2100 dollars and is sending me her 1099 for taxes do I have to pay taxes on this money since I claim her on my tax return?

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Jan 20, 2024
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by: BB

No, you generally don't have to pay taxes on contributions to a Roth IRA. Roth IRA contributions are made with after-tax dollars, and qualified withdrawals, including the earnings, are tax-free. However, it's important to ensure that the contributions are designated for your daughter's benefit.

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ROTH IRA

by Ravi
(los angeles, CA)

I rolled over my IRA to ROTH IRA on 11/25/2010. I know it is a taxable transaction. I didn't get any 1099 from the brokerage firm wher I rolled over.
My question is how do I report on my Tax Return.
is it subject to 10% panelty?
appriciate your response.

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Roth IRA Beneficiaries

by Jerry Poole
(Springfield, TN)

When the holder of a Roth IRA dies, when must the beneficiaries liquidate the IRA? A non-spouse beneficiary?

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