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billybob59
New Member

Should I enter $2,885 Roth IRA Contributions prior to 2017. I withdrew $10,000 from the IRA, original contribution was $12,500 remaining balance $2,885. Is this correct

The $10,000 withdrawal was to pay off a boat. I'm not sure of the amount I need to enter when asked, "Contributions prior to 2017" Is it the remaining $2,885 or the $12,500 I originally deposited?
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Accepted Solutions
AnnetteB
Intuit Alumni

Should I enter $2,885 Roth IRA Contributions prior to 2017. I withdrew $10,000 from the IRA, original contribution was $12,500 remaining balance $2,885. Is this correct

It is asking for the $12,500 total that you have contributed to the IRA. 

Since your distribution from the Roth IRA is less than your total contributions, the amount you withdrew will not be taxable.





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2 Replies
AnnetteB
Intuit Alumni

Should I enter $2,885 Roth IRA Contributions prior to 2017. I withdrew $10,000 from the IRA, original contribution was $12,500 remaining balance $2,885. Is this correct

It is asking for the $12,500 total that you have contributed to the IRA. 

Since your distribution from the Roth IRA is less than your total contributions, the amount you withdrew will not be taxable.





macuser_22
Level 15

Should I enter $2,885 Roth IRA Contributions prior to 2017. I withdrew $10,000 from the IRA, original contribution was $12,500 remaining balance $2,885. Is this correct

The amount that you previously contributed minus anything you have already withdrawn with any previous distribution.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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