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I contributed $5500 to a Roth IRA. A year went by and all I gained was $67. I pulled out the entirety of the Roth IRA. So a total of $5567. Do I need to fill out a 8606- T, that Turbo Tax is suggestin

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dmertz
Level 15

I contributed $5500 to a Roth IRA. A year went by and all I gained was $67. I pulled out the entirety of the Roth IRA. So a total of $5567. Do I need to fill out a 8606- T, that Turbo Tax is suggestin

If at the time of the distribution you were under age 59½ or it had been less the 5 years since the beginning of the year for which you first made a Roth IRA contribution, yes, your tax return is required to include Form 8606 to calculate the amount that is subject to income tax.  If you were under age 59½ at the time of the distribution (indicated by code J in box 7 of the Form 1099-R), your tax return must also include Form 5329 to determine the early-distribution penalty on the taxable amount.

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