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Net contributions remain

I've been contributing to a Roth IRA since 2017 and we took almost all of it to buy a home in 2020 (there's like $50 in there now).

 

I can configure out how much I contributed, but since none of it is still there because we withdrew it in 2020, should I put $50? The word "remain" is giving me a hard time on this screen. Screen Shot 2021-02-05 at 10.14.03 AM.png

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5 Replies
dmertz
Level 15

Net contributions remain

If you made no Roth IRA distributions prior to 2020, your basis in Roth IRA Contributions prior to 2020 is the total of your contributions for 2017, 2018 and 2019.  TurboTax is essentially asking how much basis was in your Roth IRAs at the end of 2019 after accounting for all Roth IRA contributions and distributions prior to 2020.

dmertz
Level 15

Net contributions remain

I changed my reply after rereading your question.

Net contributions remain

Great, so it seems like the word "remain" was intended to mean what remains at the end of 2019 and not at the end of 2020?

dmertz
Level 15

Net contributions remain

Correct.

Net contributions remain

Awesome - thanks so much!

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