Yes, TurboTax can keep track of your Roth basis. Please see the steps below.
- Login to your TurboTax Account
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- Select 'Yes" to the "Did You Open a Roth IRA Before 2022?" screen
- Answer "Yes" on the "Let Us Track Your Roth IRA Basis" screen
- Continue until the "Enter Prior Year Roth IRA Contributions" screen and enter your contribution prior to 2022 (contributions made for 2021 and earlier years if applicable).
If you made Roth IRA contributions for 2021 and didn't enter it on your 2021 tax return you might want to check if you want to amend your 2021 tax return since the contribution might qualify you for the Retirement Savers Credit.
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