IRA's and Taxes Question...

username · Post by **username** » Thu Jul 21, 2005 7:21 pm

My sister-in-law wants to invest in an IRA. This will more than likely be a one shot contribution with no additional contributions.

Until she withdraws any money, does she have to mention the IRA when filing taxes?

She does not want her husband to know about the IRA. He's more of a spender than a saver.

This is US Tax.

Thank you in advance for the information.

nelsona · Post by **nelsona** » Thu Jul 21, 2005 10:56 pm

Actually, if she contributes to an IRA and does not deduct it on her tax return, she must file a form notifying IRS that she is not taking the deduction.

So, hubby is going to know; best to get the deduction.

She needs a marriage counselor and not a tax planner.

<i>nelsona non grata... and non pro</i>