qbteachmt
Level 15
02-17-2022
03:35 PM
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You track the contribution as basis.
https://www.irs.gov/taxtopics/tc451
A Roth IRA differs from a traditional IRA in several ways. Contributions to a Roth IRA aren't deductible (and you don't report the contributions on your tax return), but qualified distributions or distributions that are a return of contributions aren't subject to tax. To be a Roth IRA, the account or annuity must be designated as a Roth IRA when it's set up. For more information on Roth IRA contributions, refer to Topic No. 309 and to determine if a distribution from your Roth IRA is taxable, see Is the Distribution From My Roth Account Taxable?
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Don't yell at us; we're volunteers
Don't yell at us; we're volunteers