topic Roth IRA in Get your taxes done using TurboTax

Roth IRA

lvstanford — Wed, 18 Mar 2020 17:51:03 GMT

My husband is under 70 years old so we are taking money from his traditional IRA and putting it into a Roth IRA and then we are paying taxes on the amount we transfer. Turbo Tax is asking what the value of my husband's Roth IRA is as of Dec. 2019. He also has an Roth IRA with Fidelity but we are not putting any money into that one.

Question: Do I need to combine the two Roth IRA's to get the total value as of Dec. 2019? I'm thinking not since we aren't contributing to the Roth IRA in Fidelity.

Thank you.
Lorraine

Re: Roth IRA

KatrinaB48 — Wed, 18 Mar 2020 18:06:49 GMT

No, you only enter the year-end amount of the Roth IRA related to the transfer.

Re: Roth IRA

lvstanford — Wed, 18 Mar 2020 18:32:30 GMT

Thank you for the quick response - So we put $50k into it every year and at the end of 2019 it had $150k. That's the amount we enter?

Lorraine

Re: Roth IRA

KarenM90 — Sat, 21 Mar 2020 19:04:53 GMT

The value of your IRA will include any earnings.

The basis of your IRA will be the amounts contributed, or your $150,000, as you indicated above.