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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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Accepted Solutions
JulieR
Expert Alumni

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

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

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1 Reply
JulieR
Expert Alumni

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

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

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