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If I have lost track of the basis for my Roth IRA. I have filed contributions and distributions. How do I correct or update this information in TurboTax or IRS?

Forum|Forum|7 years ago
June 4, 2019
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I have never made excess contributions to my Roth, or recharacterized any contributions. I have made some after tax contributions to a 401K that was converted to a traditional IRA many years ago. TurboTax keeps accurate track of this and adjusts the taxable amount of my traditional IRA distributions.

Am I in trouble with the IRS?

TurboTax Premier Windows

Best answer by dmertz

To know your basis in Roth IRA contributions and conversions, you'll need to reconstruct the contribution, conversion and distribution history of your Roth IRAs. All of the necessary information should be captured in Forms 5498 and 1099-R issued to you and the IRS for these transactions in your Roth IRAs, but you can corroborate that with information from account statements and tax returns. Forms 5498 and 1099-R are captured in your Wage & Income transcripts available from the IRS.

D

dmertzAnswer

Employee

To know your basis in Roth IRA contributions and conversions, you'll need to reconstruct the contribution, conversion and distribution history of your Roth IRAs. All of the necessary information should be captured in Forms 5498 and 1099-R issued to you and the IRS for these transactions in your Roth IRAs, but you can corroborate that with information from account statements and tax returns. Forms 5498 and 1099-R are captured in your Wage & Income transcripts available from the IRS.

S

shani20902tt

I have collected my 5498's and 1099R's to construct the basis for my Roth IRA. How do I enter the correct historical information regarding my Roth contributions into Turbo Tax such that when I make my first Roth IRA withdrawal, Turbo Tax will calculate the basis correctly? As it stands right now, I can see from the worksheet that my Roth Contributions are much lower than they actually are, probably because I began contributing to a Roth many years before I began using Turbo Tax. The Roth conversions are correct because I began doing that after I started using TurboTax. How do I correct these early, historical Roth contributions on TurboTax?