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Level 2
posted Feb 25, 2024 10:36:48 AM

Enter Prior Year Roth Contributions, Report {wife's} net regular contributions prior to 2023.

My wife and I are filing jointly for 2023 and both attained age 63 in 2023. Only I (and NOT my wife) took a Roth IRA Distribution in 2023. Why is TT asking me to enter this information for her? We used TT last year and reported that upon her retirement we rolled her Roth 401k contributions to a Roth IRA in 2022, so perhaps that is why TT knows she even has a Roth IRA. If so, is then the reason for this question so that if we continue to use TT in the future the information will already be in TT with respect to any distributions she makes from her own Roth IRA in the future?

 

I think what this question may be driving at is whether one has taken a Roth distribution prior to having owned the Roth IRA for 5 years as it's my understanding that for tax free withdrawals, one must meet not only the age requirement of at least 59.5 years of age but also that one has actually owned the Roth IRA for at least five years.

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1 Replies
Expert Alumni
Mar 5, 2024 11:25:10 AM

This information is indeed useful for future distributions.  However, it is not necessary in order to file the return or do anything for this year so you also have the option to leave the question blank and just skip it.

 

@mijohn