Reporting Roth IRA contributions

[Guest husstang]

I am currently 18 years old and my dad fills out all my tax returns for me. This year I contributed $1500 to a Roth IRA, my dad never really knew about this. I recently read somewhere that all IRA contributions have to be reported on tax returns. I talked to my dad and since he never knew I made the contributions they were not reported on my tax return. I am just wondering what I should do about this. Thanks for any information.

[Appleby]

Nothing to worry about...Roth IRA contributions are not reported on your income tax return.

[papogi]

While you don't have to report Roth IRA contributions on your taxes, you might have been eligible for a credit for tax year 2002. See this link to get started:

http://www.irs.gov/newsroom/article/0,,id=...=107686,00.html

If eligible (at least 18 as of 12/31/02, not a student, you cannot be claimed as a dependent on anyone else's taxes, and income limits apply) it will almost surely be worth your (or your Dad's) time to file an amended return to get the benefits of the credit.

[Appleby]

Excellent point papogi