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Get your taxes done using TurboTax
> Then, on the screen titled Enter Prior Year Roth IRA Contributions, this is asking for your total contributions for years prior to 2019 (basis). If your basis exceeds your distribution, then the distribution will not be taxable. If the distribution exceeds your basis, then the excess will be taxable.
This is wrong because it doesn't account for money that you had contributed this year. Ex- My prior years contributions are $2000, but this year I contributed $6000 and withdrew $6000. So according to your logic, I should pay a penalty on the $6000 even though I only withdrew what I contributed. I can't get turbotax online to realize this unless I lie to it or remove documents and I don't know what to do anymore...
‎February 14, 2023
9:47 AM