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Level 1
posted Jun 5, 2019 4:54:04 PM

Should I include parent's contributions to Roth IRA when calculating basis?

Hello. My parents set up a Roth IRA in my name when I was very young. I am now an adult and made my first contribution to the account this year. Turbotax is telling me I should start keeping tracking of my IRA basis. Should I include contributions from my parents or only my contributions? Thank you.

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1 Best answer
Expert Alumni
Jun 5, 2019 4:54:05 PM

Yes. Your parents' contributions to your Roth Ira should be included.

1 Replies
Expert Alumni
Jun 5, 2019 4:54:05 PM

Yes. Your parents' contributions to your Roth Ira should be included.