turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I contributed $11000 to a Roth IRA (and opened it) in 2018 and nothing in 2019. I then withdrew $9200 in 2019. What is my "Prior year contribution"?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
AmyC
Employee Tax Expert

I contributed $11000 to a Roth IRA (and opened it) in 2018 and nothing in 2019. I then withdrew $9200 in 2019. What is my "Prior year contribution"?

Your answer will either be $5,500 or $11,000.  You should not have contributed $11,000 in 2018 for 2018. You could have done $5,500 for 2017 by April 15, 2018. Then you could have added another $5,500 for 2018.

 

Please check your records. You could have put $11,000 into an IRA for 2018. You need to get your records straight. The IRS will know based on what was sent them.

 

The IRS says:

For 2018, 2017, 2016 and 2015, your annual total contributions to all of your traditional and Roth IRAs cannot be more than:

  • $5,500 ($6,500 if you're age 50 or older), or
  • your taxable compensation for the year, if your compensation was less than this dollar limit.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

I contributed $11000 to a Roth IRA (and opened it) in 2018 and nothing in 2019. I then withdrew $9200 in 2019. What is my "Prior year contribution"?

You are correct. After checking with agent, we put $5500 in 2017 and $5500 in 2018. Thus, we are still confused as what would be our prior contributions here. Thank you!

dmertz
Level 15

I contributed $11000 to a Roth IRA (and opened it) in 2018 and nothing in 2019. I then withdrew $9200 in 2019. What is my "Prior year contribution"?

Your contributions made prior to 2019 were $11,000 and, assuming that you have made no other contributions or distributions prior to 2019, $11,000 is the amount to enter into TurboTax.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question