DanaB27
Expert Alumni

Retirement tax questions

Yes, this sounds like a good approach. No, you don't need to enter any comments for the IRS but it is a good idea to keep all these records separately as a backup.

 

Generally, you will only need this information if you plan to take distributions before 59 1/2 because you can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. Once you are over 59 1/2 and are able to take Qualified Distributions the contribution amount becomes less important since all distributions will be tax-free.

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