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So, I have never contributed to Roth IRA or had an account.

I recently started with getting some financial knowledge and got to know that I can still contribute to Roth IRA for 2019 (till July 15, 2020).

Some background: I am a single male under the age of 50 and I made less than $110K last year which I guess means that I can contribute $6K.

Problem/Confusion: I filed my tax returns for 2019 in January 2020 and got my refund. If I contribute for 2019 right now i.e. on July 13th, 2020, it won't be on my 2019 tax return. I am not sure what the implications of that are...?

My thoughts/concerns: I know that I will not get a deductible for my 2019 contribution but can I just submit the 5498 form for 2019 and 2020 when I file my 2020 tax returns so that there is some record of my contribution?

Any suggestions are highly appreciated!

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The Roth IRA contribution doesn't appear on the 1040 From, or any of the forms you submit to the IRS. That is because the Roth contribution doesn't change the amount of taxes you pay for 2019 income. All contributions you make to a Roth IRA are post-tax.

Now if you are making a contribution to a traditional IRA, then that you report on your 2019 tax return. If you will be making a contribution to a traditional IRA then that will decrease your taxable income, and will save you money on your 2019 taxes. If you already filed, and didn't include a traditional IRA contribution, then you will have to file a 1040X amended return. After it is processed the IRS will send you a refund.

Since you haven't created an account, do so today. You don't want to make an account, and then try to fund it on the last day, and miss the deadline.

Form 5498 is submitted by the investment company to the IRS. You also get a copy. This form is normally generated in May, after everybody has time to make their last minute IRA and Roth IRA contributions. This year, these forms will go out in late July or August, after the extended deadline.

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  • Thank you so much for taking the time to respond this question! Just to be sure, if I don't make a Traditional IRA and instead make a Roth IRA, I don't have to file an amended 1040X return?
    – user99975
    Commented Jul 11, 2020 at 18:57
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    If the only change you are making is a 2019 Roth contribution, then there is no need for a 1040x.
    – mhoran_psprep
    Commented Jul 11, 2020 at 19:08

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