It says enter Roth IRA contributions prior to 2018. Do I enter contributions from inception or just form the previous year

Forum|Forum|7 years ago
June 4, 2019
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TurboTax Self Employed Online

dmertz

Level 15

TurboTax is asking for your net Roth IRA contributions for all years prior to 2018, generally the sum of your Roth IRA contributions from inception (not including contributions for 2018) minus the amount of any Roth IRA distributions prior to 2018.

dmertz

Level 15

That information would be in your Roth IRA account statements and Forms 5498 that you have received over the years.

Jdub1

Level 2

What if I don't have that information? I checked with my broker and they only go back 6 years for the form 5498. I have had my Roth IRA since 1998.

KarenM90

Level 11

Turbo Tax wants you to enter all of your previous Roth IRA contributions, from inception.

The reason Turbo Tax is asking for this information is so that the program can determine what portion (if any) of any current or future withdrawals might be taxable or subject to early withdrawal penalties.

For more detailed information about Roth IRA Accounts, here is a great Turbo Tax article which outlines the details of how and when future distributions might be taxable or subject to early withdrawal penalties:

Roth IRAs-Holding Periods and Withdrawals

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tvnalln

Level 2

I know this an old thread but my question refers to the same currently. I opened a Roth 20 years ago contributing $4K and never contributed again. Obviously it grew over the years and I took out $5K in 2017 and closed it in 2021 taking out $4,600. What do I enter as prior contributions?