turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

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

unarjones
New Member

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

 
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.

1 Reply

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.**
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies