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Submitted 702 days ago...

wallyw

wallyw

New User (1)

Roth IRA

I messed up and created a Roth Ira in April of this year. I found out that you have to have wages not retirement, interest, and social security. I only have $59.40 in wages from a company paid life insurance policy.
I created the account just before april 15th deadline for 2006 and put in the max allowed and then added the max to it for 2007. I had already sent in my 2006 return before the account was setup. The initial deposit was actually in the account after 4-15-2007. No trades were done until after 4-15-2007. I have a loss of about 1/3 of my total investment.
I am wondering how this must be reported to the IRS? I have set-up the process with Ameritrade for transfering the account to my regular brokerage account.
Is there a special form that must be sent to the IRS?

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