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crjotr
New Member

How do I find my total net contributions to a Roth IRA that is 20 years old? ( Broker only has 10 years of reports.)

 
3 Replies
CarolC
Level 6

How do I find my total net contributions to a Roth IRA that is 20 years old? ( Broker only has 10 years of reports.)

If you are 59 1/2 and you had your Roth IRA account at least five years, then all of your distributions are tax-free.  There is no need to worry about the total net contributions.

However, If you are under 59 1/2 then you need to go back and reconstruct your contributions from the beginning.  Your contributions are known as your basis.  You can check with your financial advisors to see what records might be available.  You may need to contact your previous broker.  You can also review your prior year tax returns.  The Form 5498, which was filed by your retirement account custodian, reports your total annual contributions made to your Roth IRA account.  Every year you made a contribution to your Roth, you received this form.

See this TurboTax article What is IRS Form 5498? for more information.
bilmobilly
Level 1

How do I find my total net contributions to a Roth IRA that is 20 years old? ( Broker only has 10 years of reports.)

good answer but Turbo tax program wants me to enter total previous year contributions to my Roth after I reported Roth contribution for 2020 in that section of the program. Good Grief!  Agent says this may have something to do with fact I also take annual RMDs from a taxable retirement IRAs and 2020 covid-year special  withdrawal rule. How do I get around this?

ReneeM7122
Level 8

How do I find my total net contributions to a Roth IRA that is 20 years old? ( Broker only has 10 years of reports.)

To figure out the previous year contributions for an IRA going back further than 10 years, you can work off of a formula.  To calculate your IRA basis at any point in time, you would need to add up all nondeductible contributions you've made to date and subtract any nondeductible contributions you have withdrawn.  Therefore, it would follow that you can subtract the total value of the IRA and the contributions that your broker recorded for the past 10 years, and the remainder is the prior years' contributions that you're looking for.

This shouldn't have anything to do with COVID.  As long as it's reasonable, makes sense, and you can show where you logically got the number from, you're golden.

 

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