DianeC958
Expert Alumni

Retirement tax questions

No, there is not a 10% penalty since you are just withdrawing contributions you made to the account.

 

You have answered the questions correctly for your circumstances to indicate that you have not owned the Roth for 5 years, you did not have a withdrawal before 2019.  

 

Yes, when you get to the question about "Enter year prior Roth Contributions" you enter the amount of $29,449.

 

You can always withdraw contributions  that you made to your Roth IRA tax and penalty free at anytime. Additionally, the Ordering rules for withdrawals from a Roth IRA are: first from regular contributions, then from Conversion and rollover contributions, on a first-in, first-out basis and finally from Earnings on contributions.

 

A qualified distribution from a Roth IRA is tax-free and penalty-free, the contributions and the earnings,  provided that you have had the Roth IRA account for  5 years and meet the following requirements 

  • Over age 59½
  • Death or disability
  • Qualified first-time home purchase
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