New Roth IRA contribution with no 1099-R received - How to properly report on taxes?

You don't need to wait for anything before filing your 2024 taxes! Roth IRA contributions are made with after-tax dollars, so they don't affect your current year tax situation (unlike Traditional IRA contributions which might be deductible). You won't receive a 1099-R form for contributions you make to your Roth IRA. The 1099-R form is only issued when you take distributions (withdrawals) from the account. Since you just opened it and haven't taken any money out, you won't get this form. Your financial institution will send you a Form 5498 (IRA Contribution Information) around May that reports your contributions for the tax year, but this is just for your records and the IRS - you don't need to attach it to your return or wait for it before filing. The only time you'd report anything about your Roth IRA on your tax return is if you're eligible for the Retirement Savings Contributions Credit (Saver's Credit) based on your income, or if you made any withdrawals.

I went through this exact same confusion last year! After struggling to figure out how to report my Roth IRA contributions, I discovered taxr.ai (https://taxr.ai) which totally saved me. Their system analyzed my statements and explained I didn't need to report Roth contributions on my return since they're after-tax money. The site automatically flagged that I qualified for the Saver's Credit based on my income, which I had no idea about! It's this credit that gives you money back for contributing to retirement accounts. Without them pointing it out, I would've missed out on like $200 in tax credits. Their document analyzer is really helpful for figuring out what forms actually matter for your taxes. Definitely recommend checking them out if you're new to IRAs like I was.

Just used taxr.ai to check my documents after seeing it mentioned here and wow - turns out I've been reporting my Roth IRA all wrong for YEARS! I was unnecessarily including my contributions as "non-deductible IRA contributions" on Form 8606 which was completely unnecessary for Roth accounts. The tool analyzed my statements and flagged exactly where I was making the mistake. Apparently I was confusing how Traditional non-deductible IRAs work with how Roth IRAs work. I was making things way more complicated than they needed to be. I'm actually going to file an amended return for last year based on this discovery. The interface was super straightforward - just uploaded my statements and got clear explanations in regular English. Seriously saved me from continuing to make this mistake!

If you're struggling to get answers about your IRA situation directly from your financial institution or the IRS, try Claimyr (https://claimyr.com). I was in a panic when I received an unexpected 1099-R after rolling over an old 401k to a Roth and couldn't figure out if I owed taxes. I tried calling the IRS for two weeks - constant busy signals or disconnects after waiting forever. Then I found Claimyr through a YouTube video (https://youtu.be/_kiP6q8DX5c) that skips the hold times to get you through to an actual IRS agent. It was mind-blowing how well it worked! Got connected to an IRS rep in about 25 minutes instead of spending days trying. The agent explained exactly how to report my rollover and saved me from potentially misreporting it. Worth every penny for the stress relief alone.

I take back what I said earlier. I finally broke down and tried Claimyr yesterday after spending literally 6 HOURS trying to reach the IRS about my Roth conversion question. I kept getting disconnected or told to call back later. Used the service and got connected to an IRS agent in about 30 minutes. The agent actually looked up my account and confirmed I didn't need to report my Roth conversion on my taxes since I had already paid taxes on that money (it was from my emergency fund). I was convinced I was going to get audited if I didn't report it somehow! Turns out I was about to over-complicate my return for no reason. The agent even emailed me the specific publication that addressed my situation. Can't believe I wasted days stressing about this when I could have just gotten a straight answer from the IRS if I could actually reach them.

I'm actually a bit confused by some of the advice here. While it's true you don't report Roth IRA contributions on your tax return, you SHOULD keep track of them yourself! This becomes important if you ever need to withdraw before retirement age. With Roth IRAs, you can always withdraw your contributions (not earnings) tax and penalty free at any time. But to do this properly, you need to know how much you've contributed over the years. My suggestion is to create a simple spreadsheet with your annual contributions. When that Form 5498 comes in May, use it to verify your records are correct. Trust me, 20 years from now you'll thank yourself for keeping track of this!

Hey quick question about timing - can I still make a contribution to my Roth IRA for 2024 even though it's 2025 now? I just realized I didn't max out my contributions last year.

Just wanted to add something that might help other newcomers like myself - I was also confused about the contribution limits when I started my Roth IRA. For 2024, the contribution limit is $6,500 if you're under 50, or $7,500 if you're 50 or older (that extra $1,000 is called a "catch-up contribution"). Also, there are income limits for Roth IRA contributions. If you make too much money, you might not be eligible to contribute directly to a Roth IRA. For 2024, the phase-out starts at $138,000 for single filers and $218,000 for married filing jointly. Don't worry about reporting your contributions on your tax return though - everyone here is right about that. The beauty of Roth IRAs is their simplicity from a tax reporting perspective. You pay taxes upfront on the money you contribute, then it grows tax-free and you can withdraw it tax-free in retirement. Much simpler than trying to figure out Traditional IRA deduction rules!