turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts All About the W-4! >> Event happening TOMORROW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

If I have no clue what my original Roth contributions were how can I provide a number?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

If I have no clue what my original Roth contributions were how can I provide a number?

If you are under age 59-1/2, withdrawal of original contributions is not taxable but withdrawal of earnings is taxable.  It is up to you to keep those records and, if audited, the withdrawal may be taxed unless you can prove the amount of prior contributions and withdrawals and that you were only withdrawing contributions.  

 

Your broker issues a form 5498 each year that documents your contributions for the prior year.  You should contact your broker and get as many past year forms as they keep on file.  The IRS also has copies of your form 5498 going back 7 years you can get online.

https://www.irs.gov/individuals/get-transcript

MaryK4
Expert Alumni

If I have no clue what my original Roth contributions were how can I provide a number?

To find your original Roth IRA contributions without records, request your historical Form 5498 (IRA Contribution Information) from your current custodian or by requesting "Wage & Income Transcripts" from the IRS. If unavailable, you can reconstruct the total by reviewing old bank statements or using online brokerage records, as contributions must be reported to the IRS. 

 

TurboTax asks for your original Roth contributions (known as your basis) primarily to determine if a withdrawal you made this year is taxable.  While Roth IRAs are funded with after-tax money, the IRS has strict rules on what order money leaves the account. Without knowing your original contributions, TurboTax cannot prove to the IRS that you are only withdrawing "basis" rather than taxable "earnings".

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

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question