Here's how it works: Say you receive a car, RV or boat loan through a credit union with which you also have a credit card. In the fine print of the loan contract, you'll probably see that your credit card balance is secured by the auto, RV or boat.ere's how it works: Say you receive a car, RV or boat loan through a credit union with which you also have a credit card. In the fine print of the loan contract, you'll probably see that your credit card balance is secured by the auto, RV or boat.
If you've made nondeductible contributions to your traditional IRA, you have to use Form 8606 to figure the taxable and nontaxable portion. Otherwise, the entire amount is taxable. In addition, if you take a taxable non-qualified withdrawal, you'll have to figure the 10 percent additional tax with Form 5329.
There are no forms to report a Roth contribution. Roth IRA contribution is funded from your after tax money. Roth IRA differs from traditional IRAs in that contributions are not deductible (means contribution is taxable, so it's included in your regular taxable income).You don't need 1099R, so skip that form.oth IRA contribution is funded from your after tax money. Roth IRA differs from traditional IRAs in that contributions are not deductible (means contribution is taxable, so it's included in your regular taxable income). You don't need 1099R, so skip that form.