I opened an IRA, what tax form do I file?

Question

I normally file the 1040A , I never had deductions other than children.

Answer 1

If it is a Roth IRA, I don't believe you file any differently, since you are investing post-tax income. This is the most common type of IRA right now.


If it is a traditional IRA, and you have an employer-sponsored retirement plan, you must be below a certain income limit (these change every year). However, this is usually taken out pre-tax (if it is not, then you can claim the pre-tax deduction on your 1040).

Answer 2

There aren't any tax forms you need to file because you opened an IRA. You didn't mention what type of IRA. I'm assuming it's either a Roth or a deductible IRA. The IRS doesn't need info from you that you opened the IRA. The financial institution will file that information to the IRS (Form 5498, I believe). Anyway, if you opened a deductible IRA, there's a special line on the bottom of page 1 of the 1040 or 1040A that allows you to subtract the amount of your IRA from your income. If you opened a Roth IRA, that doesn't show up anywhere on your return.

Fortunately, it's not too complicated. You might want to go to http://www.irs.gov website and pull up Form 1040 and Form 1040A and you'll see where you can deduct a traditional IRA from your return.