- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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 Your basis can be withdrawn tax free and without penalty, as long as your Roth account has been open for at least five years.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.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 22, 2024
9:59 AM