I took my first-ever qualified distribution from my Roth IRA in 2019, from an account that has been open for at least 10 years. Turbotax asks me to confirm my net regular contributions prior to 2019 that remain in the account. Should this be contributions only, or contributions plus their investment gains?
This should be your contribution amount only. This is also called the basis and nondeductible contributions amounts.
Withdrawals on earnings from a Roth IRA don't count as income, but only if you make what the IRS deems as qualified distributions. If you follow IRS rules, earnings grow tax-free, and you don't pay taxes on withdrawals either. For more information, click here: Roth IRA distribution
This should be your contribution amount only. This is also called the basis and nondeductible contributions amounts.
Withdrawals on earnings from a Roth IRA don't count as income, but only if you make what the IRS deems as qualified distributions. If you follow IRS rules, earnings grow tax-free, and you don't pay taxes on withdrawals either. For more information, click here: Roth IRA distribution
Thanks for the answer. If it's a qualified distribution (I'm over 59 1/2, account open more than 5 years), then I don't understand why Turbotax needs the prior year contributions info.
I took my first RMD from a Roth IRA in 2019. I opened the Roth in 2001. Do I need to go back and calculate the total contributions made to this account to confirm my net regular contributions prior to 2019 that remain in my Roth? Thank you
Roth IRAs are not subject to Required Minimum Distributions (RMDs). So no, you don't need to calculate the total contributions to this account.
Sp DavidD66, if I don't need to report my regular contributions begun a long time ago, how do I respond to Turbotax's question to "Roth contributions prior to 2019" ?????
Your contributions would only affect your tax if you took premature distributions, so you can enter an estimated amount when asked for your prior contributions. The amount requested will not appear on your tax return.