MaryK4
Expert Alumni

Retirement tax questions

Since a Roth IRA is not funded with pre-tax money (like a 401k) or is deductible (like a traditional IRA), there really is no "basis" - all of your contributions and earnings are tax-free if you make a qualified distributions (after you reach retirement age, etc.)  You may want to keep track of your contributions because if you take a distribution before you had the account open for five-years, you must pay the penalty for early withdrawal (but no tax on your contributions).  TurboTax will keep track of your Roth contributions, and calculate each year if you have an excess contribution (based on your other income).  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"