DanaB27
Expert Alumni

Retirement tax questions

If you had your Roth IRA for 5 years and are over 59 1/2 then you have a Qualified Distributions which are not taxable. Your Form 1099-R should have code T or Q and you do not need to answer the net contributions prior to 2024 question.

 

If you are under 59 1/2 then you will have to answer the question so TurboTax can calculate if your distribution is taxable. You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. Therefore, TurboTax will know what your net contribution where prior to 2024. You will need to add all your Roth IRA contributions form prior years minus any Roth IRA distributions from prior years. 

 

@LEWCOME 

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