To open a traditional IRA account, does one need to file an IRS form (if so, what form)? Thank you.?

Answer 1

If it's deductible, then no, you don't have to file a special form, just deduct the contribution on your 1040. But if you have a non-deductible IRA, file form 8606 each year to track the non-deductible portion.

Answer 2

You open the IRA with your bank, broker, or insurance company and fill out their forms. When you file the tax return, you take an adjustment to income on line 32 of Form 1040. Remember, your ability to deduct an IRA depends on your income and whether or not you have a retirement plan at work.

Answer 3

No