dmertz
Level 15

Retirement tax questions

You are required to track Roth IRA contribution basis yourself (perhaps with the help of TurboTax).  Roth IRA contributions themselves are not reported on Form 8606.  Roth IRA contribution basis is only entered on Form 8606 when you make a regular nonqualified distribution from a Roth IRA, used to determine how much of the distribution is nontaxable.

Five years after the beginning of the year in which you did the Roth IRA conversion the amount that you converted became equivalent to Roth contribution basis, an amount that can be distributed tax free at any time.  Since it's been well over 5 years from the date you first made a contribution to a Roth IRA, any distribution made from your Roth IRA after you reach age 59½, become disabled or die will be a qualified distribution, entirely tax free.  Prior to that, only your basis in regular Roth IRA contributions, your basis in Roth conversions more than 5-years old and any basis from nontaxable Roth conversions (subject to Roth IRA distribution ordering rules) can be distributed tax and penalty free.