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posted Jun 4, 2019 10:48:50 PM

Does a prior year withdrawal of Roth Contributions Only affect my retirement savings contribution credit? (Do I count that 2017 withdrawal as a distribution?)

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Level 15
Jun 4, 2019 10:48:51 PM

If you made a regular distribution in 2017 (code J, T or Q in box 7 of the 2017 Form 1099-R, yes, on your 2018 tax return it only potentially affects your Retirement Savings Contributions Credit.

(Of course the 2017 Roth IRA distribution also reduced your contribution basis in Roth IRAs, so it potentially affects whether any subsequent distributions from your Roth IRAs are taxable, but that has nothing to do with the entry you make in the Retirement Savings Contributions Credit section.)

1 Replies
Level 15
Jun 4, 2019 10:48:51 PM

If you made a regular distribution in 2017 (code J, T or Q in box 7 of the 2017 Form 1099-R, yes, on your 2018 tax return it only potentially affects your Retirement Savings Contributions Credit.

(Of course the 2017 Roth IRA distribution also reduced your contribution basis in Roth IRAs, so it potentially affects whether any subsequent distributions from your Roth IRAs are taxable, but that has nothing to do with the entry you make in the Retirement Savings Contributions Credit section.)