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revedaniel
Returning Member

Tracking of Roth Ira Basis

Hi, is there a tax form where I should track my Roth IRA (not traditional IRA) basis or should i track it offline? 

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mesquitebean
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Tracking of Roth Ira Basis

@revedaniel 

If using Online TurboTax, you should also get a record of it as one of the worksheets in your complete PDF (the large one with all the forms and worksheets) and can view/print it.   It's called the "IRA Information Worksheet."  Or if using desktop TurboTax, you can select that form to print out individually (or as a PDF) from the list of all forms displayed in Forms Mode.

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5 Replies
DavidD66
Expert Alumni

Tracking of Roth Ira Basis

If you indicate that you made (or will make) a contribution to a Roth IRA, TurboTax will ask you want the program to track your Roth IRA basis.  If you indicate yes, it will ask you how much your prior contributions were.  It will also ask about Roth IRA Conversions.  Going forward, as long as you are preparing your tax returns with (the same account) TurboTax, the program will track your basis.  That said, it would be a good idea for you to track it separately in case you change accounts or use a different method of tax preparation.   

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revedaniel
Returning Member

Tracking of Roth Ira Basis

From your answer it seems like you are confirming there is no specific tax form where this is tracked. Even if Turbotax allows for you to track it, it would not report it any of the forms of the the tax declaration sent to the IRS correct?

 

Thanks a lot for the help! 

ThomasM125
Expert Alumni

Tracking of Roth Ira Basis

You are correct, there is not a form you file with your tax return that keeps track of your ROTH IRA contributions.

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revedaniel
Returning Member

Tracking of Roth Ira Basis

Thanks a lot! Super helpful!

mesquitebean
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Tracking of Roth Ira Basis

@revedaniel 

If using Online TurboTax, you should also get a record of it as one of the worksheets in your complete PDF (the large one with all the forms and worksheets) and can view/print it.   It's called the "IRA Information Worksheet."  Or if using desktop TurboTax, you can select that form to print out individually (or as a PDF) from the list of all forms displayed in Forms Mode.

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