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I withdraw money from my IRA. I entered the withdrawal info found on the 1099-R, but I am stuck on the "prior year Roth IRA contributions" Where do I find this info?

 
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3 Replies

I withdraw money from my IRA. I entered the withdrawal info found on the 1099-R, but I am stuck on the "prior year Roth IRA contributions" Where do I find this info?

Prior year Roth contributions are important only if you have withdrawn contributions before the Roth IRA is five years old and are dipping into earnings in the Roth IRA.

Otherwise, enter any number.

 

@sarah-kozlowski 

Hal_Al
Level 15

I withdraw money from my IRA. I entered the withdrawal info found on the 1099-R, but I am stuck on the "prior year Roth IRA contributions" Where do I find this info?

Q.  Where do I find this info (prior year Roth IRA contributions)?

A.  From your own records.  That's not available in TT, unless you previously entered it (current year or previous years). 

I withdraw money from my IRA. I entered the withdrawal info found on the 1099-R, but I am stuck on the "prior year Roth IRA contributions" Where do I find this info?

@fanfare 

That is not correct. Prior Roth IRA withdrawals are important if you are under age 59 1/2, or if the IRA has been open less than five years, no matter how old you are.

 

As stated, only you have records of your prior Roth IRA contributions and prior withdrawals. They should be reported on your income tax return or on a form 5498, and you can sometimes get that information from the IRS using the transcript service, but that only goes back 10 years. Or you may be able to get the information from your broker.

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