I have a question on Roth IRA contributions. I'd thought it was simply the total of the regular contributions, but I've seen some hints that it should be the contributions minus the distributions.
This years distribution exceeds the accumulated contributions, and I have to pay a penalty, but Turbotax doesn't seem to be calculating it.
The Learn More box discusses conversions, but not how to calculate the total contributions.
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If you are under age 59 1/2 and have take more in distributions than you have contributed to your Roth IRA(s) then enter zero for your Roth IRA contributions prior to 2025.
So it is contributions minus distributions. I wish they were more clear about that, but thinking about it I think I had the same issue a few years ago.
Thank you for the help.
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