First Republic Private Wealth Management includes First Republic Trust Company; First Republic Trust Company of Delaware LLC; First Republic Investment Management, Inc., an SEC-Registered Investment Advisor; and First Republic Securities Company, LLC, Member FINRA/ SIPC.
Contributions to a traditional IRA reduce your AGI (Adjusted Gross Income) and lower your taxes. Your contribution must be made by April 15 following the tax year to be deductable. Contributions to a Roth IRA do NOT reduce AGI and do not lower your current taxes.
Contributions to a Roth IRA are not reported on your tax return. The amount shown in box 10 of Form 5498 reflects all contributions made to a Roth IRA that were designated as for the previous tax year. Contributions to a SEP IRA and SIMPLE IRA are reported on Form 1040, line 28, if you are self-employed.