Moving a Roth from one broker to another. The value of the original account has decreased below the original total of contributions, is the basis still considered the total contributions?
You'll need to sign in or create an account to connect with an expert.
your basis doesn't change because you moved it from one broker, really trustee, to another.
Your basis in a Roth IRA is the amount of your own contributions to it. Your Roth IRA is the aggregate of all Roth accounts that you might have and the basis applies to the Roth as a whole. If the value of the aggregate IRA is below your basis and you sell, unfortunately you can no longer claim the loss due to tax law changes.
Moving accounts from one trustee to another has no effect.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Fernanag
New Member
knownoise
Returning Member
Ashleej828
New Member
TomG6
New Member
Phillip6000
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.