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stevenahlquist
Returning Member

Prior year Roth IRA Contributions

Turbo Tax is asking for Prior Year Roth IRA contributions.  My Roth IRA is 20+ years old.  I don't have records of how much was contributed to them.  This is the first time I've ever been asked for prior year contributions.  It is also the first year we've ever taken withdrawals from the Roth IRA.  I have no way of calculating how much was contributed 20+ years ago.  Now what?

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Prior year Roth IRA Contributions

If you are under age 59-1/2, withdrawing contributions is tax-free but withdrawing earnings are subject to income tax plus penalties. You must keep track of contributions and certify to the IRS that you are only withdrawing contributions, and be able to prove it if audited.  Your IRA custodian may have records.

 

If you are older than 59-1/2, all withdrawals are tax-free and Turbotax does not need to ask the question, it seems to be a holdover connected to a tax deduction that has been temporarily removed.  You can make your best guess, it won't affect your tax and you won't be asked about it by the IRS.  

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