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Is there a way to update the Roth Contribution History. Contributions were entered yearly. I would like to update the cumulative amount for years prior to using TurboTax.

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TurboTax shows the correct Roth contributions for each year I used the software. How can I enter the amount I contributed for years prior to using TurboTax? I would like to see the correct basis on the IRA Information Worksheet.

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dmertzAnswer

Level 15

Go to Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions. Proceed to where TurboTax asks if you want TurboTax to track you Roth IRA basis and answer Yes. Proceed a few more pages where TurboTax asks you to confirm your net Roth IRA contribution basis and adjust the amount so that it is correct. I you also have basis in Roth conversions you can adjust that as well on the subsequent few pages.

dmertzAnswer

Level 15

Go to Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions. Proceed to where TurboTax asks if you want TurboTax to track you Roth IRA basis and answer Yes. Proceed a few more pages where TurboTax asks you to confirm your net Roth IRA contribution basis and adjust the amount so that it is correct. I you also have basis in Roth conversions you can adjust that as well on the subsequent few pages.