Question

How many years prior to the tax year should I report net regular contributions?

Forum|Forum|1 year ago
March 26, 2025
2 replies
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Should I go all the way back to the beginning of the IRA?

It depends. If you have contributions to your IRA that have not been reported on your tax returns you will want to make sure you have the appropriate records. Depending on your income each year, you may or may not have been allowed to deduct those contributions.

The question is whether they were deductible or nondeductible contributions in each year. And how many years can be a significant factor for your distributions in the future if contributions were not reported. You can amend only 2021, 2022 and 2023 right now and 2021 will expire on April 15, 2025. You may not be able to go back any further, however nondeductible contributions could be tax free when you start taking distribution.

Please provide additional details if you need more assistance and we will help.

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T

topher-raley35Author

Thank you for the answer! I'm still a little confused, so here are some more details about our situation. The Roth IRA is in my wife's name, and neither of us is retired. She withdrew $2000 this year (not related to home buying), and TurboTax is asking me questions in relation to that withdrawal because it may be taxable. One of the things TurboTax is asking me to do is report regular net contributions prior to 2024. My wife and I have not contributed, but her father set it up in 2001. Our investment account has deposit info back to 2015. Do we need to go all the way back to 2001? Or even 2015?

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DanaB27

If you wife is under 59 1/2 then you will have to go back all the way to 2001 to figure out her net contributions prior to 2024.

If you wife is over 59 1/2 then this distribution is a Qualified Distribution and not taxable. Her Form 1099-R should have code T or Q and you can ignore the net contribution prior to 2024 question.

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