You'll need to sign in or create an account to connect with an expert.
Not if the money is sitting in the account. Also, not if you have qualified distributions.
The only time you can pay tax on gains/ earnings in a Roth is if you have:
A/ nonqualified distributions (qualified distributions info listed below)
B/ earnings on excess contributions
____
What Are Qualified Distributions?A qualified distribution is any payment or distribution from your Roth IRA that meets the following requirements.
It is made after the 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for your benefit, and
The payment or distribution is:
Made on or after the date you reach age 59½,
Made because you are disabled (defined earlier),
Made to a beneficiary or to your estate after your death, or
One that meets the requirements listed under First home under Exceptions in chapter 1 (up to a $10,000 lifetime limit).
https://www.irs.gov/publications/p590b/ch02.html#en_US_2016_publink1000231061
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
taxdoofus
New Member
latefiler5
Level 1
cottagecharm11
Level 4
angelaboone
New Member
Sea3_G
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.