I want to withdraw part of my contributions I made to Roth IRA over the last 10 years to put as a part of downpayment on a house I am buying. I made around $20,000 in contributions and I would like to withdraw $18,000. So, I am not withdrawing any earnings, just my contributions.
Will the $18,000 distribution be included in my adjusted gross income (AGI)? I understand it won't be taxable (please confirm) since I am only withdrawing the contributions, not the earnings/income. But I also want to confirm if this amount will be included in my AGI. It is important for me to know/understand since I am on Obama plan for medical insurance and the premium assistance/recapture is based on the annual income when you file taxes.
Thank you!
This distribution will not be included in your AGI. If you are under age 59½, when you enter the Form 1099-R be sure to click the Continue button on the Your 1099-R Entries page and proceed to where you can enter or confirm the amount of your Roth IRA contributions made for years prior to the year in which you receive and report the distribution.
This distribution will not be included in your AGI. If you are under age 59½, when you enter the Form 1099-R be sure to click the Continue button on the Your 1099-R Entries page and proceed to where you can enter or confirm the amount of your Roth IRA contributions made for years prior to the year in which you receive and report the distribution.