ROTH was opened in 2017. Total contributions made between 2017-2021 equals $5000. In 2024 I withdrew $10,395. What do I enter for ROTH IRA Contributions prior to 2024?

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1 Best answer

Level 15

Jan 31, 2025 3:12:18 AM

$5000

TT is trying to determine if the part above $5000 (the earnings ) is taxable.

If you are over 59.5, then there is not going to be any tax in any event

if you are under 59.5, the portion over $5,000 is taxable and subject to a 10% penalty.

this assumes no Roth conversions occurred.

Level 15

Jan 31, 2025 3:12:18 AM

$5000

TT is trying to determine if the part above $5000 (the earnings ) is taxable.

If you are over 59.5, then there is not going to be any tax in any event

if you are under 59.5, the portion over $5,000 is taxable and subject to a 10% penalty.

this assumes no Roth conversions occurred.