I need to withdraw $7,100 of contributions (7,000) + earnings (100) from RothIRA due to AGI too high. TurboTax is not accepting any value above $7000 on line 25? why?
shouldn't I withdraw contribution + earnings? (this is what bank is telling me) or just contribution?
02807
2 Replies
fanfare
Level 15
Mar 24, 2025 9:51:53 PM
You must withdraw $7,000 plus earnings.
Only the $100 is taxable.
When contributed, to what year did you assign the $7,000? That's the tax return that has to show the $100.
When asked the amount of contribution returned, enter $7,000.
$7,000 is the amount of contribution returned. $7,100 is the gain-/loss-adjusted amount that is/was required to be distributed, not the amount of contribution returned.