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March 2002) Department of the Treasury Internal Revenue Service Name of depositor Roth Individual Re

March 2002) Department of the Treasury Internal Revenue Service Name of depositor Roth Individual Re-2025

March 2002) Department of the Treasury Internal Revenue Service Name of depositor Roth Individual Re Preview on Page 1

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The document is Form 5305-RA, a model custodial account agreement for establishing a Roth Individual Retirement Account (IRA) under section 408A of the Internal Revenue Code. It outlines the terms and conditions for contributions, including annual limits based on age and income, investment restrictions, distribution rules upon the depositor's death, and responsibilities of both the depositor and custodian. The form must be kept with personal records and not filed with the IRS.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Where do I find my Roth IRA contributions on my W2?

Information about contributions to your Roth IRA can be found on the year-end summary statement from the bank, broker, or mutual fund that holds your account. If you had a Roth retirement plan at work, contributions to it will be indicated on your W-2 in Box 12 with code: AA: Roth 401(k) plan.

Can I access my Roth IRA contributions?

A Roth IRA allows you to withdraw your contributions at any timefor any reasonwithout penalty or taxes. For example: If you contributed $12,000 over 2 years and your Roth IRA has grown to $13,200, you can take out the original $12,000 without taxes and penalties.

Does the IRS keep track of my Roth IRA contributions?

Roth IRA contributions do not go anywhere on the tax return so they often are not tracked. The exceptions are on the monthly Roth IRA account statements or on the annual tax reporting Form 5498, IRA Contribution Information.

Do I have to report my Roth IRA on my tax return?

Roth IRAs. A Roth IRA differs from a traditional IRA in several ways. Contributions to a Roth IRA arent deductible (and you dont report the contributions on your tax return), but qualified distributions or distributions that are a return of contributions arent subject to tax.

What does Department of the Treasury Internal Revenue Service mean?

The Internal Revenue Service (IRS) administers and enforces U.S. federal tax laws.

Where can I find my Roth IRA basis of contributions?

Check Form 8606, line 14 of your 2023 tax return to find your total IRA basis from prior years. If your 2023 tax return doesnt include a Form 8606, look at the Form 8606 from your 2022 tax return to get the total IRA basis from prior years.

How do I find my Roth IRA contributions?

IRA contributions will be reported on Form 5498: IRA contribution information is reported for each person for whom any IRA was maintained, including SEP or SIMPLE IRAs. An IRA includes all investments under one IRA plan.

March 2002) Department of the Treasury Internal Revenue Service Name of depositor Roth Individual Re-2025

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