- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Yes, you are correct.
When asked for your prior contributions to your Roth IRA, you should enter your NET contributions (after deduction of your past withdrawals of contributions).
In your case, you should enter 0. Your early distribution of earnings will be subject to the 10% penalty on top of income tax.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
3 weeks ago