A Little Lost Here

[Musica40]

I was attempting to do my taxes on line and encountered this. Can someone explain this to me in simple english?

"Angel's basis in Roth IRA contributions".

How do I compute this number? I retired in 2022. Prior to that I was maximizing my Roth for wife and I. Whatever the max was, that is what I saved. Retired Feb 2022, so only eligible for two months of Roth contributions for that year. We took out money from our Roth's in 2024 and now it is asking for this number. Both Roth accounts are over five years and we are both over 59 1/2 years of age. Is this number arbitrary? The challenge for me is that I switched brokers and now have Schwab. I have no way to compute this without guessing. Hope one of you guys can assist. I do my own taxes and have never had this come up as a question. FYI, we took out a total of $31K from our Roth to pay off student loan debt and do a patio renovation.

 

[cathy63]

It goes on line 22 of Form 8606. If you are over age 59 1/2, then lines 19 and 21 of the form will be $0, so it doesn't actually matter what number is on line 22, but you still have to fill it out.

 

[Rianne]

Don't you have to add up all your Roth contributions from when you opened the accounts? We don't even know what year we started our Roth's. Do you have to know the growth amount?

 

[temartin]

Roth Basis is (What you've put in) - (What you've taken out).

 

[Jerry1]

Who is Angel? I'm asking because I'm wondering if it's a name or if they're referring to a person who has passed. In that case, I'm wondering if you somehow indicated that it was an inherited Roth/IRA. If it's your wife, then yes, it's simply the amount you've put into your Roth less anything you've taken out.