KarenM90
Intuit Alumni

Retirement tax questions

Turbo Tax wants you to enter all of your previous Roth IRA contributions, from inception.  

 

The reason Turbo Tax is asking for this information is so that the program can determine what portion (if any) of any current or future withdrawals might be taxable or subject to early withdrawal penalties.  

 

For more detailed information about Roth IRA Accounts, here is a great Turbo Tax article which outlines the details of how and when future distributions might be taxable or subject to early withdrawal penalties:

 

Roth IRAs-Holding Periods and Withdrawals

 

 

 

 

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