Contributions to a Roth IRA aren't deductible (and you don't report the contributions on your tax return), but qualified distributions or distributions that are a return of contributions aren't subject to tax.
- Although you don't record contributions to a Roth IRA on your tax return and they are not tax deductible, qualifying distributions or distributions that represent a return of contributions are not taxed. The account or annuity needs to be identified as a Roth IRA when it is created in order to qualify as one.
- Having earned money is the primary qualification for Roth IRA contributions. Working for someone who pays you an income is one way to have earned income. Among the sources of this type of revenue include wages, salaries, bonuses, tips, etc.
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