I should NOT claim my dividends from my IRA correct?????

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I should NOT claim my dividends from my IRA correct?????

Just want to make sure that I do not need to claim the dividends from my IRA - since they go right back into the IRA they will be taxed when I withdraw my IRA - correct?!?!?!

2007-01-07 08:05:27 · 2 answers · asked by rzeta94 2 in Business & Finance ➔ Taxes ➔ United States

2 answers

You are correct about not including earnings on your IRA on your tax return.

If you have a traditional IRA, then your earnings will be taxed when you withdraw them. If you have a Roth IRA, then your earnings may not be taxed.

2007-01-07 08:10:54 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋

You are correct. Money in an IRA grows tax-free. Then if it's a traditional IRA, you pay taxes on withdrawn amounts when you take it out.

2007-01-07 16:16:57 · answer #2 · answered by Judy 7 · 0⤊ 0⤋