Is there any reason to track the basis of Roth IRAs and Traditional IRAs if we are older than 59 1/2 and also our IRAS are all older than 5 years?
I just updated the Roth IRA basis to be accurate, since there was an entry missed in the past. I would also update the traditional IRA basis if there is a good reason to do so. I first need to figure out if the basis of the total of Traditional IRA contributions gets reduced by the amount of Roth conversions. If that is the case it will be easy to subtract that amount to determine the basis of the Traditional IRA. Also I would need to determine if a 401(k) rolled into the Traditional IRA needs to be added to the basis.
