How to Report Clients’ IRA Contributions on the Tax Return
Mar 5, 2015
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By Jeffrey Levine, CPA/PFS, CFP®, CWS®, MSA
Part of saving for retirement includes reporting all IRA contributions to the feds via Form 1040. Naturally, there are five different lines to consider depending on the type of contribution made. Educate clients on their reporting responsibilities. A failure to report or an inaccurate listing could result in penalties and an unwelcome tax bill.