Tracking of Roth Ira Basis

Forum|Forum|2 years ago
February 15, 2024
1 reply
0 views

Hi, is there a tax form where I should track my Roth IRA (not traditional IRA) basis or should i track it offline?

Best answer by mesquitebean

@revedaniel

If using Online TurboTax, you should also get a record of it as one of the worksheets in your complete PDF (the large one with all the forms and worksheets) and can view/print it. It's called the "IRA Information Worksheet." Or if using desktop TurboTax, you can select that form to print out individually (or as a PDF) from the list of all forms displayed in Forms Mode.

DavidD66

If you indicate that you made (or will make) a contribution to a Roth IRA, TurboTax will ask you want the program to track your Roth IRA basis. If you indicate yes, it will ask you how much your prior contributions were. It will also ask about Roth IRA Conversions. Going forward, as long as you are preparing your tax returns with (the same account) TurboTax, the program will track your basis. That said, it would be a good idea for you to track it separately in case you change accounts or use a different method of tax preparation.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

revedanielAuthor

From your answer it seems like you are confirming there is no specific tax form where this is tracked. Even if Turbotax allows for you to track it, it would not report it any of the forms of the the tax declaration sent to the IRS correct?

Thanks a lot for the help!