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Turbo Tax Basic and Roth Cost Basis

 Does TurboTax Basic track of your Roth contributions, and calculate each year if you have an excess contribution (based on your other income)?

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1 Reply
DanaB27
Expert Alumni

Turbo Tax Basic and Roth Cost Basis

Yes you can elect to have TurboTax track your Roth IRA contributions:

 

  1. Click on "Search" on the top right and type “IRA contributions” 
  2. Click on “Jump to IRA contributions"
  3. Select "Roth IRA"
  4. On the "Roth IRA Contributions" screen answer "No"
  5. On the "Did You Open a Roth IRA Before 2021?" answer "Yes"
  6. On the "Let Us Track Your Roth IRA Basis" screen answer "Yes"
  7. TurboTax will ask you follow-up questions in regard to net contributions and conversions.

 

Yes, TurboTax will let you know if you have a excess contribution for the current year.

 

Please see What happens if I made an excess Roth IRA contribution for additional information.

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