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helkins83
New Member

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?
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2 Replies

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?

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.

 

@helkins83 

 

dmertz
Level 15

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?

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.

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