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Retirement tax questions
Yes. You can always withdraw you own past contribution tax and penalty free, only the earnings would be subject to tax and penalty. There is no code that says that since the IRA trustee cannot know what other accounts yiu might have since contributions are the aggregate total of all Roth accounts that you might have. You must enter the amount of prior contributions (not already withdrawn) into TurboTax to calculate the taxable amount which would be zero if only contributions distributed.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎November 11, 2020
5:31 PM
3,551 Views