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Clarification needed on amt to include in Roth IRA distribution reason line. Do I include amounts from both my and spouse's IRA or just mine?

Forum|Forum|7 years ago
June 1, 2019
1 reply
36 views

Turbo Tax only asks what I used my Roth IRA withdrawal for but not my wife. I pulled out of both for higher education expenses. Do I include the total amount of expenses on my entry or just up to the amount of my withdrawal? I believe it only asks me because my withdrawal amount exceeds my basis, whereas my wife's withdrawal is well below her contribution basis.

TurboTax Deluxe Online

Best answer by dmertz

You only need to claim a penalty exception on the portion of a distribution that would otherwise be subject to penalty. If your wife's distribution did not exceed her contribution basis in her Roth IRAs, there is no tax or penalty on her distribution regardless of what the money is used for.

dmertzAnswer

Level 15

You only need to claim a penalty exception on the portion of a distribution that would otherwise be subject to penalty. If your wife's distribution did not exceed her contribution basis in her Roth IRAs, there is no tax or penalty on her distribution regardless of what the money is used for.