Opus 17
Level 15
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How much did you contribute to the Roth over time and how much did you withdraw?

 

You always withdraw in the order contributions first, conversions second, and earnings last.  Withdrawal of contributions is tax-free but withdrawal of earnings is subject to income tax plus a 10% penalty if you are under age 59-1/2.  

 

Turbotax does not know the amount of contributions you made over the years, you have to give that information.  You should be asked when entering the 1099-R how much you contributed in the past and how much you have withdrawn in the past, so the program can determine the taxable earnings.  You made need to re-run the interview or delete the 1099-R and enter it again, to provide the required information. 

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