If your employer offers a tax-deferred retirement plan, such as a traditional 401(k) or 403(b), contributions you make to the plan are generally pre-tax and are not included in your taxable wages. Because these contributions are already excluded from income, they are not deductible on your tax return. You may still be able to make […]

Per IRS Publication 590-A Contributions to Individual Retirement Arrangements (IRAs), page 38: How Much Can Be Contributed? The contribution limit for Roth IRAs generally depends on whether contributions are made only to Roth IRAs or to both traditional IRAs and Roth IRAs. Roth IRAs only. If contributions are made only to Roth IRAs, your contribution […]

Form 5498 IRA Contribution Information is information for your personal records and is not required to prepare your tax return. Taxpayers should retain this information for their personal records, but there are no tax consequences to the taxpayer until the funds are distributed from the account. When distributions are made, they are then reported on […]