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New Member
posted Feb 26, 2023 2:56:07 PM

Enter Prior Year Roth IRA Contributions? where I can find the answer to this question?

I just opened my account in 2022

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2 Replies
Level 15
Feb 26, 2023 3:03:43 PM

if you had no Roth IRA in 2021, then prior contributions are zero.

@rosajanel20 

Expert Alumni
Feb 26, 2023 3:10:26 PM

If you did not have any Roth IRA contributions prior to 2022, enter "$0.00".  Roth contributions are not reported on your tax return, but the program asks you about current and prior contributions to keep up with your basis in your Roth should you take a distribution prior to turning 59 1/2.   You can always withdraw the amount of your Roth 401(k) contributions penalty and tax free.  However, any non-qualified distribution of  earnings are subject to taxes and the 10% excise tax/penalty.