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peaboes31
New Member

I'm trying to list my prior year roth IRA contributions and I'm not sure how to account for the rollover made in 2012.

I contributed $200.00 to a Roth IRA in 2011.
600 to the Roth IRA in 2012 and I also had a rollover from a traditional IRA of about 14,000 in 2012 (It's listed as a Rollover contribution on my Form). I then contributed 600 every year thereafter. How do I report that as net regular contributions prior to 2016?
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dmertz
Level 15

I'm trying to list my prior year roth IRA contributions and I'm not sure how to account for the rollover made in 2012.

Your basis in Roth IRA contributions is the sum of 200 plus 600 for each of the other Roth IRA contributions made for years prior to 2016.  Following this, TurboTax will separately ask you to enter your $14,000 Roth conversion (separate taxable and nontaxable amounts at the time of the conversion; all would have been taxable at conversion if you had no basis in nondeductible traditional IRA contributions at the time).

(The Roth conversion should have been reported in box 3 of your 2012 Form 5498 from the Roth IRA as a Roth Conversion rather than in box 2 as a Rollover Contribution, but that doesn't really matter at this point.)

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1 Reply
dmertz
Level 15

I'm trying to list my prior year roth IRA contributions and I'm not sure how to account for the rollover made in 2012.

Your basis in Roth IRA contributions is the sum of 200 plus 600 for each of the other Roth IRA contributions made for years prior to 2016.  Following this, TurboTax will separately ask you to enter your $14,000 Roth conversion (separate taxable and nontaxable amounts at the time of the conversion; all would have been taxable at conversion if you had no basis in nondeductible traditional IRA contributions at the time).

(The Roth conversion should have been reported in box 3 of your 2012 Form 5498 from the Roth IRA as a Roth Conversion rather than in box 2 as a Rollover Contribution, but that doesn't really matter at this point.)

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