Do you pay taxes on a traditional IRA?
Asked by: proffr
I have a traditional IRA account and I contribute $ 50 a month to it. I did not receive a 1099-R form from the insurance/investment company. Do I have to include my earnings from my traditional-IRA when I file my taxes, or only if I have withdrawn my money from the account?
Also do you have to mention the interest gained from having a bank savings account? It is probably not much more than a few dollars, but I don’t want to make mistakes.
Great thanks! Does this mean that I have to add up my YTD dividends and capital gains and report it as “tax exempt interest” on my 1040?
Also do I have to subtract my monthly contribution to my IRA account from my income?