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Retirement tax questions
Yes, normally when TurboTax asks for your Roth IRA contributions prior to 2024, it is looking for your total cost basis—the sum of all your after-tax contributions made over the years, excluding any earnings or gains. This includes any pre-tax 401(k) rollovers that were taxed when they were converted to a Roth IRA.
- TurboTax asks for this information to help determine the tax-free withdrawal amounts.
- For more details, you can visit the TurboTax guide on Roth IRA basis and the IRS page on Roth IRAs.
4 weeks ago