Yes, I've had an Roth IRA for more than 5- years. So what? Why is Turbo Tax (for the IRS) asking what were my contributions were. I am 80, those contributions go back 30-40 years ago! I never contributed more than allowed. So now what? Tell them to send one of those new 87,000 agents to visit me (carrying an AR-15)?
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For the general purpose of reporting Roth IRA distributions there is no need to tell TurboTax your basis since these distributions are qualified distributions that are not reportable on Form 8606, the only place on your tax return the basis information would otherwise be needed. Since the information is not presently used for preparing your tax return, it doesn't matter what Roth IRA basis values you enter if TurboTax asks for them. You could enter zero or leave the entry blank.
The only reason you might want to continue tracking basis in Roth IRA contributions and conversions is if your Roth IRAs lose value and after 2025 when miscellaneous deductible subject to the 2% floor are scheduled to be reinstated and you could take a deduction for unrecoverable basis if you completely drain your Roth IRAs. That's probably unlikely.
Thanks, very helpful.
Vince
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