This is our first year withdrawing funds from Roth. On TT it says "Roth IRA contributions prior to 2023." Does this mean a sum of all of our Roth contributions ever?

Forum|Forum|2 years ago
March 21, 2024
2 replies
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This is the first year we've taken from Roth. All new to me...

TurboTax Deluxe Online

Best answer by dmertz

If the Roth IRA owner is over age 59½, since it has also been more than 5 years since the first Roth IRA contribution the distribution is a qualified distribution that does not get reported on Form 8606 where your contribution basis would otherwise be needed to determine the taxable amount of the distribution. In that case, TurboTax doesn't need to know the contribution basis.

Bsch4477

Employee

Yes. The result is your cost basis.

Don-QuijoteAuthor

Thanks for answering. But I don't know what a cost basis is. We have not made any Roth contributions in over five years, and in middle of 2023 we started taking a small monthly withdrawal just from my Roth.

How do I find out the sum of both of our contributions?

Bsch4477

Employee

Cost basis is what you contributed vs the earnings accumulated. Your records should show how much you contributed over the years if your fiduciary can’t help.