Will a roth ira earnings affect a tax refund?
Dear J: If your wife’s name is on the IRA it is hers. There is no reporting required unless you with draw funds. The Roth IRA requires a 5 year waiting period for the gains on the money invested. The money invested can be with drawn at any time as it has already been taxed. This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more.
