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New Member
posted Apr 5, 2025 5:29:37 PM

I contributed to a Roth in 2024 and withdrew only contributions in 2024. I believe it's tax/penalty free. It says I owe 10%. I can only enter "prior year" contributions?

There is a tab that says "Enter Prior Year Contributions", and below it, "report your net regular contributions prior to 2024". Since my contributions were in 2024 and not prior, I left this slide blank. What should I do to ensure TurboTax files correctly?

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2 Replies
Expert Alumni
Apr 5, 2025 5:33:22 PM

You'll need to report the 2024 contributions in the Deductions section.

 

Here is how to do so in TurboTax Online:

 

  1. Go to Deductions & Credits
  2. On the Your tax break screen, locate and select the Retirement and Investments section, then select Start or Revisit next to Traditional IRA and Roth IRA.
  3. On the Traditional IRA and Roth IRA screen, check the Roth IRA box and select Continue.
  4. Continue to enter your contributions

New Member
Apr 5, 2025 5:58:11 PM

This worked. Thank you!