turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Under the heading "Enter Prior Year Roth IRA Contributions" should I enter zero? The IRA was closed in 2021 with zero funds remaining.

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

5 Replies
JohnB5677
Expert Alumni

Under the heading "Enter Prior Year Roth IRA Contributions" should I enter zero? The IRA was closed in 2021 with zero funds remaining.

No, Prior year ROTH Contributions are all of the contributions you made prior to 2021.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Under the heading "Enter Prior Year Roth IRA Contributions" should I enter zero? The IRA was closed in 2021 with zero funds remaining.

 

That's what I originally thought but the instructions state:

"Include only those contributions remaining in Roth IRA after subtracting any amounts withdrawn"

So since I withdrew everything there is nothing/zero remaining. So that says to me that I should report zero. 

I'm confused.

 

 

JohnB5677
Expert Alumni

Under the heading "Enter Prior Year Roth IRA Contributions" should I enter zero? The IRA was closed in 2021 with zero funds remaining.

Again the key phrase is Prior Year Roth IRA Contributions.  This is everything that happened prior to 2021.  You should subtract any Prior distributions from all of the Prior contributions.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Under the heading "Enter Prior Year Roth IRA Contributions" should I enter zero? The IRA was closed in 2021 with zero funds remaining.

I am also confused by your answer.  He said he withdrew all prior year contributions, so would he not report zero?  Could you explain. 

Thanks

Under the heading "Enter Prior Year Roth IRA Contributions" should I enter zero? The IRA was closed in 2021 with zero funds remaining.

I think the same way. The instructions clearly state include those contributions remaining in Roth IRA after subtracting any amounts withdrawn. Since all the money was withdrawn according to him, there is "nothing" remaining.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies