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Get your taxes done using TurboTax
Yes, as DavidD66 said, the program is asking for the information to determine if your Roth contribution was a qualified distribution.
You should enter each of three contributions of $6,000 for a total of $18,000 contributed prior to 2023.
A qualified distribution is a distribution from your Roth IRA that is:
Made after the 5-year period beginning with the first tax year for which a contribution was made to a Roth IRA set up for your benefit and:
- Made on or after the date you reach age 59½,
- Made because you are disabled.
- Made to a beneficiary or to your estate after your death, or
- One that meets the requirements listed for a first home purchase (up to a $10,000 lifetime limit).
Since you made this distribution as part of a first time home purchase, it is a qualified distribution as long as you contributed at least that much in a prior year.
That means, it isn't taxable and it isn't subject to penalty even if you are younger than 59-1/2 years old.
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February 18, 2024
2:07 PM