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New Member
posted Jun 6, 2019 7:25:08 AM

I have a Roth IRA with Edward Jones that I’ve never withdrew money out of. Do I need to report that on my turbo tax statement?

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1 Replies
Level 15
Jun 6, 2019 7:25:10 AM

If you made contributions to the Roth IRA for 2017, enter the total so that TurboTax can verify your eligibility to make the contribution and can track your basis in Roth IRA contributions.  Also enter any basis from Roth IRA contributions and conversions from years before 2017.  Tracking your basis is important if you ever need to make a nonqualified distribution from your Roth IRAs.  (IRA custodians cannot track your basis because a particular custodian has no way to know anything about any Roth IRAs that you have at other custodians.)  Each year when you transfer in from the previous year's TurboTax file TurboTax will continue to track your Roth IRA basis.