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Why should - Enter Prior Year Roth IRA Contributions before 2019? Does that mean we have to go back until the Roth was opened?

 
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Why should - Enter Prior Year Roth IRA Contributions before 2019? Does that mean we have to go back until the Roth was opened?

Yes, of you have not taken any previous distributions, then the amount must be reduced by previous distributions.   Note, however, the prior contributions are needed to eliminate (or reduce) any early distribution penalty if you are under age 59 1/2.       If 59 1/2 or older, that entry is meaningless since there is no penalty due to age.

**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.**