TurboTax needs to know how much money you put into your Roth so the program can calculate any earnings that might be taxable (for early withdrawals) and what amount you have actually contributed that can be distributed tax free.
Keep in mind: to avoid early withdrawal penalties (there are a few exception to the early withdrawal penalties, such as first time home buyer and college expenses)
- Withdrawals must be taken after age 59½.
- Withdrawals must be taken after a five-year holding period.
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