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Level 2

Question

Roth IRA

Forum|Forum|6 years ago
March 18, 2020
1 reply
13 views

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

Level 15

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

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lvstanfordAuthor

Level 2

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

Level 11

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.

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