DavidD66
Expert Alumni

Get your taxes done using TurboTax

No, you don't need to report the amount in Box 5 on Form 8606.  You do need to track the basis yourself, in case you take a distribution before age 59 1/2.  Your basis can be withdrawn tax free and without penalty, as long as your Roth account has been open for at least five years.  The IRS does not track your basis, you are responsible for that.

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