topic How do I find my total net contributions to a Roth IRA that is 20 years old? ( Broker only has 10 years of reports.) in Retirement tax questions

How do I find my total net contributions to a Roth IRA that is 20 years old? ( Broker only has 10 years of reports.)

crjotr — Thu, 06 Jun 2019 14:37:36 GMT

If you are 59 1/2 and you had your Roth IRA account at le...

CarolC — Thu, 06 Jun 2019 14:37:38 GMT

If you are 59 1/2 and you had your Roth IRA account at least five years, then all of your distributions are tax-free. There is no need to worry about the total net contributions.

However, If you are under 59 1/2 then you need to go back and reconstruct your contributions from the beginning. Your contributions are known as your basis. You can check with your financial advisors to see what records might be available. You may need to contact your previous broker. You can also review your prior year tax returns. The Form 5498, which was filed by your retirement account custodian, reports your total annual contributions made to your Roth IRA account. Every year you made a contribution to your Roth, you received this form.

See this TurboTax article What is IRS Form 5498? for more information.

Re: How do I find my total net contributions to a Roth IRA that is 20 years old? ( Broker only has 10 years of reports.)

bilmobilly — Sat, 03 Apr 2021 16:09:51 GMT

good answer but Turbo tax program wants me to enter total previous year contributions to my Roth after I reported Roth contribution for 2020 in that section of the program. Good Grief! Agent says this may have something to do with fact I also take annual RMDs from a taxable retirement IRAs and 2020 covid-year special withdrawal rule. How do I get around this?

Re: How do I find my total net contributions to a Roth IRA that is 20 years old? ( Broker only ha...

ReneeM7122 — Mon, 05 Apr 2021 17:17:51 GMT

To figure out the previous year contributions for an IRA going back further than 10 years, you can work off of a formula. To calculate your IRA basis at any point in time, you would need to add up all nondeductible contributions you've made to date and subtract any nondeductible contributions you have withdrawn. Therefore, it would follow that you can subtract the total value of the IRA and the contributions that your broker recorded for the past 10 years, and the remainder is the prior years' contributions that you're looking for.

This shouldn't have anything to do with COVID. As long as it's reasonable, makes sense, and you can show where you logically got the number from, you're golden.

Re: How do I find my total net contributions to a Roth IRA that is 20 years old? ( Broker only has 10 years of reports.)

rcapacerfan — Mon, 31 Jan 2022 19:29:49 GMT

I've owned my ROTH IRA for 20 some odd years. How do I figure out my contributions since day 1? I am 53.

Re: How do I find my total net contributions to a Roth IRA that is 20 years old? ( Broker only ha...

DianeW777 — Mon, 31 Jan 2022 19:46:20 GMT

You will have to reconstruct as best you can and the IRS is willing to work with a reasonable result.

Back in the year 2000, the maximum amount you could put in was $2,000. So try to reconstruct how many years you may have contributed and multiply that by $2,000. Then put this information in your tax file to show how you arrived at this number.

The attached link to IRS Publication 590 (Year 2000) shows the maximum amount for that year. I would keep this link with your records as well.

IRS Prior Year Forms (search for 590 and check each year you need for the maximum allowed in each year)

This should help you figure out how much you contributed for the first 10 years.

Re: How do I find my total net contributions to a Roth IRA that is 20 years old? ( Broker only ha...

fanfare — Mon, 31 Jan 2022 20:37:59 GMT

you don't need to enter that Roth contribution info into TurboTax unless you plan to distribute more than that, before age 59 1/2.

Any amounts above your contributions (total) would be taxable and subject to penalty.

Re: How do I find my total net contributions to a Roth IRA that is 20 years old? ( Broker only has 10 years of reports.)

taxcluless — Wed, 05 Apr 2023 00:56:39 GMT

I am 68 years old and took a distribution in 2022. Turbo tax is asking for my total net contributions to the Roth and I am not sure where I can get this information. The broker only has 10 years of reports and there is no cumulative amount in any of the reports.

I am not sure what to enter for this question

Re: How do I find my total net contributions to a Roth IRA that is 20 years old? ( Broker only has 10 years of reports.)

fanfare — Wed, 05 Apr 2023 01:11:43 GMT

add up the 10 reports and use that amount.

as pointed out above, this should have no effect as long as you tell TurboTax your IRA is more than five years old.

It's not clear why this question is coming up.

@taxcluless

Re: How do I find my total net contributions to a Roth IRA that is 20 years old? ( Broker only has 10 years of reports.)

taxcluless — Wed, 05 Apr 2023 01:42:13 GMT

Thank you for the reply.

After entering the amounts given on the 1099-R that I received, it then asks about the net contributions. It makes it clear that this amount should not include any earnings.

There have been no contributions to this Roth IRA for the past 10 years.

Re: How do I find my total net contributions to a Roth IRA that is 20 years old? ( Broker only has 10 years of reports.)

fanfare — Wed, 05 Apr 2023 05:55:01 GMT

you can enter $10, $10,000 or $10 Million, it's not going to change anything.

If you are penalized, you did not describe your Roth IRA correctly.

@taxcluless

Re: If you are 59 1/2 and you had your Roth IRA account at le...

rupunzlkim — Wed, 04 Jun 2025 16:26:40 GMT

I know this post is a bit old, but I was hoping you might have some feedback as to why the current TurboTax software is asking for total contributions anyways, even though I'm over 60 and making my first withdrawals, so they're only from the basis coming out from any gains.

Re: If you are 59 1/2 and you had your Roth IRA account at le...

NCperson — Wed, 04 Jun 2025 21:05:40 GMT

@rupunzlkim can't answer you question directly, but it doesn't matter what you enter. As you are over 59.5 years old, and the Roth has been opened for at least 5 calendar years, there will never be any taxable income related to the withdrawals.

what is the code in Box 7? if a Q (which is should be), that is all TT needs to know so there is no taxable income on the distribution.