I am self-employed and opened a Solo Roth 401k this year. What tax form do I use to show my 2010 contribution?
I am self-employed and opened a Solo Roth 401k this year. What tax form do I use to show my 2010 contribution?
You don't use any form. That contribution is taxable
Thanks, Flyingron. How does the IRS know that I made a Roth contribution or if I contributed too much to it? Or, would those issues only come up if I were audited and/or reached $250k in the Roth?
Your contribution is reported to the IRS by the investment company, therefore the IRS knows that you made the contribution. It is reported on form 5498