Can someone explain the IRA contributions more clearly?

[tvnalln]

If I contributed $4K to a Roth 15 years ago, withdrew $5K 5 years ago and then took out the remaining earned balance in 2021 closing the account, what am I supposed to enter as IRA contributions prior to 2021?

[DanaB27]

You will enter $0 as net contributions because you withdrew the $4,000 contribution when you made the $5,000 withdrawal 5 years ago.

1. Login to your TurboTax Account 
2. Click on "Search" on the top and type “1099-R”
3. Click on “Jump to 1099-R” and enter all your 1099-Rs
4. Click "Continue" on the "Review your 1099-R info" screen
5. Answer all the questions and make sure you enter $0 for net contributions prior to 2021 on the "Enter Prior Year Roth IRA Contributions" screen
6. Answer the remaining question.

[tvnalln]

Thanks!

[tvnalln]

So similarly my wife also had opened up a Roth at the same time 20 years ago with $4k and never took a distribution until 2021 where she it all and closed the account.  Would her prior contribution just be $4K?

[DanaB27]

Yes, her prior year net contributions would be $4,000.

@tvnalln