If you enter $0 for all prior years' contributions, you might have taxable distributions from your Roth IRA account if you are under age 59 1/2, and no exception applies.
Ask yourself these questions:
- How much did I put my own after-tax dollars into my Roth IRA, including conversions? It could be 20 years ago or one year ago. As long as you set up your Roth account more than 5 years ago, you've met the 5-year rule. This applies to contributions only, not conversions.
- How much have I taken out of my Roth IRA account before 2021 distributions?
- The money you put into your Roth IRA will be returned to you without any tax consequences.
- Your Roth contributions will come out first before the earnings in the Roth IRA account for income tax purposes.
@ebrann
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