I was 59 1/2 when I took $4K out of my ROTH IRA this year. Why does it ask me about total contributions to the ROTH. We already did that last year.

Disabled-Vet · ‎June 6, 2019

macuser_22 · ‎June 6, 2019

If you are 59 1/2 or older then the prior year contributions do not matter if you owned an Roth for at least 5 years - you can enter zero if you want. If owned less the 5 years then earnings can still be taxable so it asks the prior year reguardless of age.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

macuser_22 · ‎June 6, 2019

If you are 59 1/2 or older then the prior year contributions do not matter if you owned an Roth for at least 5 years - you can enter zero if you want. If owned less the 5 years then earnings can still be taxable so it asks the prior year reguardless of age.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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I was 59 1/2 when I took $4K out of my ROTH IRA this year. Why does it ask me about total contributions to the ROTH. We already did that last year.