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Retirement tax questions
The fact that you are over age 59½ is not a reason for TurboTax to skip asking for you Roth IRA contribution and conversion basis.
If it has not yet been 5 years since the beginning of the year for which you first made a Roth IRA contribution, distributions would not be qualified distributions and are required to be reported on Form 8606, which requires entering your Roth IRA contribution and conversion basis.
Also, the miscellaneous deduction for unrecoverable basis will be reinstated in 2026, so your basis information might be needed after 2026 if your Roth IRAs have suffered investment losses. Tracking your Roth IRA contribution and conversion basis now is much easier that trying to reconstruct it later, if need be.
January 26, 2021
10:28 AM