However, if youâre curious, there is a fascinating system behind ABA numbers. The ABA number is like an address that tells everybody where to find your account. ABA numbers are also known as routing transit numbers (RTNs). âABAâ is used because the American Bankers Association (ABA) assigns the numbers to banks.
In contrast to a traditional IRA, contributions to a Roth IRA are not tax-deductible. Withdrawals are tax-free under certain conditions (for example, if the withdrawal is only on the principal portion of the account, or if the owner is at least 59Â½ years old).
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.